UBS Hires Silver From Bankers Trust To Run Global FX Derivatives Book
BANKS
In a significant shift of strategy, Union Bank of Switzerland has hired Richard Silver, aged 27, formerly vice president and co-manager of foreign exchange options at Bankers Trust, to run a global foreign exchange derivatives book out of New York.
Previously, UBS has not been a major interbank market-maker in currency options in the U.S. but conducted such business on a regional basis. Therefore, the appointment of a single head to run a global book, represents a new venture for the bank.
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