BNP Paribas has appointed Goldman Sachs veteran Baris Temelkuran, who has held a variety of senior foreign Exchange roles, as the new head of its G10 FX trading unit.
In his new capacity, Temelkuran will take an increased leadership role with responsibilities across all FX options products, and with teams across the bank to deepen client relationships and accelerate the growth of BNP’s FX business.
According to the French financial institution, he will report to Adrian Boehler, global co-head of FXLM and commodity derivatives, in the firm’s London offices.
Temelkuran steps down from Goldman Sachs after more than 12 years, where he last served as managing director of exotic foreign exchange options trading. During this long tenure with the Wall Street lender, which dates back to 2006, Temelkuran held a range of senior roles in the foreign exchange unit. These included global head of FX options trading, global head of investor FX sales, and head of FX trading at various locations over the last decade.
BNP reshuffles FX business after hefty fines
The flow of FX talent at the French banking giant goes both ways, however. While BNP is hiring in traders from other banks, it’s also losing them to rivals – including in the retail space. Earlier last year, ADS Securities bolstered its prime of prime (PoP) solutions with the addition of Louisa Kwok, who previously served with BNP as its European Head of Client Solutions and Fixed Income Client Clearing .
In January, BNP Paribas was slapped with a $90 million fine in a settlement with the US Department of Justice (DoJ), over its attempts to manipulate foreign exchange markets.
The move made BNP one of the last big banks to reach a settlement for FX rigging. Other banks have also faced huge fines for allowing their traders to club together to rig prices in FX markets. Last year, four banks – Barclays, Royal Bank of Scotland, Citigroup and JP Morgan Chase – pleaded guilty to conspiracy to rig the foreign exchange market and fines totaling $5.6 billion were handed down by the US Department of Justice.
