HSBC Names Elliot New Head Of Forex For Sydney-Based Trading & Sales Team

HSBC Markets has named Kim Elliot as the new head of foreign exchange in Sydney, officials confirm. Although he has no immediate plans for the division, Elliot says he will review the business over the next 10 months.

"There won't be any major changes on the horizon," he says. "My primary aim is to provide the group regionally and globally with the top Australian dollar exchange rates and related products to meet our customers' requirements."

Elliot joined HSBC on April 24 and reports directly to Sydney-based treasurer Chris Ewin. Elliot steps into the shoes of former head of FX Dennis Karp who has left the bank. Elliot declines to comment on Karp, but one industry source says Karp may have left to set-up his own trading entity. Treasurer Ewin did not return calls by press time.

In his new role, Elliot is responsible for overseeing about 17 forex dealers and sales staff in HSBC's treasury and capital markets arm. Elliot explains that the desk specializes in sterling and sterling crosses, as well as the Australian dollar and related products.

Elliot was the FX manager at Barclays de Zoete Wedd (BZW) Financial Markets in Sydney until the bank opted to scale down that desk, shifting responsibility to Singapore last year (FXW, August 26).

Martin Boyle, director of markets at BZW in Sydney, explains: "We do continue to have an FX sales team in Sydney, but most of our FX is done from Singapore, London and New York, like many others in the industry. Our main focus is now on fixed interest options--in response to market demand".