HSBC Secures Sean Statuto as Senior VP of FX Sales

HSBC, a British multinational banking and financial services holding company, has managed to secure a new recruit in its foreign exchange (forex) operations. According to a report from FX Week this Wednesday, the firm has added Sean Statuto to its team.

Specifically, Statuto has joined HSBC as a senior vice-president of foreign exchange sales in the bank’s institutional client group. According to the report, he is based in New York and reports to Chris Bracco who is also a senior VP but is also head of real money sales.

Before he was employed by HSBC, Statuto was at the Bank of America. Here he was most recently a director in global forex sales. According to a previous report by Euromoney, Statuto joined the BoA back in 2007, joining the bank from the United States Navy.

According to his LinkedIn profile, Statuto studied at Cornwell University from 1998 until 2002. It does not clarify what he studied. As outlined by FX Week both the BoA and HSBC have declined to discuss personnel moves.

HSBC is Utilising Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term to Improve FX Operations

In recent years, HSBC has been developing its forex operations by utilizing blockchain technology. As Finance Magnates previously reported in February of this year, the bank has managed to cut the cost of settling FX trades by a quarter using blockchain technology.

Through its FX Everywhere system, HSBC processes between 3,500 up to 5,000 trades per day. On a daily basis, the process settles trades worth $350 billion, according to the Chief Operating Officer of FX cash trading and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, Mark Williamson.

The blockchain-based system that HSBC is using could be a key stepping stone for showing the capabilities of blockchain technology for banks and within the trading space, which has been slow to adopt the technology.

This is largely due to the fact that many firms are wary of the technology that was used to create Bitcoin, with concerns over security, regulation and the impact on existing systems holding back widespread adoption.