Morgan Stanley adds to London trading desk

LONDON – Morgan Stanley has added to its trading desk in London as it continues to deepen its foreign exchange footprint. 

Josh Hooker joined the US bank on January 15 as a vice-president on the FX forwards and rates trading desk. He predominately trades G-10 FX forwards and short-end rates products, reporting locally to Senad Prusac, head of FX options trading.

Hooker joins from Royal Bank of Scotland, where he traded emerging markets forwards. He joined the UK bank in 2007 via its acquisition of ABN Amro, where he had been trading euro and sterling forwards. Previously, Hooker had a stint at Deutsche Bank, trading forwards and FX options.

Additionally, Morgan Stanley has appointed Pirgun Akinal to the FX emerging markets options team in London as a vice-president (FX Week, September 28, 2009). He also started on January 15, reporting to Prusac. Akinal will be trading Turkish lira and rand options, as the bank bids to strengthen its existing Turkish franchise. Akinal joins from HSBC in London and Istanbul.

Morgan Stanley is set on expansion in FX, and is aiming to revive profits in fixed-income trading, emerging markets and foreign exchange. In July 2009, Walid Chammah, the US bank's co-president, said in an internal meeting it planned to hire up to 400 trading and sales staff in these areas. An internal source said Morgan Stanley has achieved almost three-quarters of its hiring quota.

Morgan Stanley declined to comment.