Barclays Reinforces FX Unit in Asia with Citi's Pritpal Gill

Barclays Plc is looking to strengthens its FX franchise in the Asia-Pacific region with new hires. The UK investment bank has brought in Pritpal Gill, who has held a variety of senior foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term roles, as the new head of its G10 FX trading and currency options unit.

In his new role, Gill will lead regional sales teams to develop and drive the G10 Foreign Exchange trading strategy in the region, based out of Singapore. According to the British financial institution, he will report to the Barclays head of FX trading in Asia, Guillermo Cabeza, and also to Paul Thirlwall, global head of FX options.

Gill has over two decades of experience in FX markets, having started his career at Citibank in London where he traded vanilla and exotic FX options. He most recently served as Macro Prop Trading, including global FX, Asian rates and equity indices. During his 15-year stint at Citi, he spent a year at Tudor Capital between 2014 and 2015 in the Global Macro Prop group, and also pioneered a number of initiatives including running a family office.

Outside Hiring Spree Continues

Gill also worked with Lehman Brothers as global head of FX options trading, before returning to Citi as Head of FX Trading for Asia, based in Singapore.

The flow of FX talent at the UK banking giant goes both ways, however. While Barclays is hiring in traders from other banks, it’s also losing them to rivals – including in the retail space. Earlier last month, BNP Paribas appointed Graham Barnfield, who stepped down from Barclays in December 2018, where he last served as head of EM FX Forwards FX Forwards FX forwards are contracts occurring within the foreign exchange market where market participants lock in exchange rates for the buying or selling of a currency on a predetermined date. Sometimes known as currency forwards, FX forwards can be thought of as a customizable hedging approach.In this sense, upfront margin payments are not required and all contracts are over-the-counter (OTC) due to the decentralized nature of the foreign exchange market. Popularity of FX ForwardsFX forwards are popula FX forwards are contracts occurring within the foreign exchange market where market participants lock in exchange rates for the buying or selling of a currency on a predetermined date. Sometimes known as currency forwards, FX forwards can be thought of as a customizable hedging approach.In this sense, upfront margin payments are not required and all contracts are over-the-counter (OTC) due to the decentralized nature of the foreign exchange market. Popularity of FX ForwardsFX forwards are popula Read this Term & NDF trading in Europe.

Commenting on the appointment, Fabio Madar, Barclays’ global head of G10 FX trading said: “These appointments are further testament that we steadily pursue excellence in both derivatives and electronic solutions for our clients in Asia Pacific. They also highlight the senior top talent that Barclays is able attract. FX really represents an incredible opportunity for Barclays.”

Mark Dearlove, Barclays’ Head of Markets for Asia Pacific added: “Pritpal brings extensive market knowledge as well as deep client understanding to the team. This experience will support the further advancement of our FX strategy in the region as we continue to invest in the Markets business to better serve our clients.”