BNY Mellon Markets has promoted its group operating chief of FX and client execution services head, Jason Vitale, to global head of FX.
The bank has confirmed that Vitale has replaced Adam Vos, who was also promoted to head of BNY Mellon Markets after more than three years of leading the firm’s FX, fixed income and equities trading business. Vitale will continue to report to Vos in the more senior role.
Prior to joining BNY Mellon in early 2017, Vitale spent 13 years with Deutsche Bank in various positions, most recently co-head of listed derivatives and markets clearing for Europe, the Middle East and Africa. He also led the German bank’s FX prime brokerage operations globally following several years in prime brokerage sales.
Vitale spearheaded BNY Mellon’s entrance into the FX prime brokerage space in early 2018. He described the business as a “traditional prime brokerage service with a twist” upon announcing the bank’s plans, adding that clients will benefit from a fully-integrated and complete FX service.
Speaking to The TRADE last year about BNY Mellon’s FX prime brokerage, Vos said that over the last decade or so prime brokerage services were mispriced, but with the advent of mandatory margin requirements, bank capital changes and tighter liquidity, the price for prime breakage has been reassessed.
“BNY Mellon really has an exceptional franchise and so we are building out our product offering to plug some gaps in the market for those clients so that we can provide them with a full-service FX offering,” he said.
“FX prime brokerage will be the first initiative to launch and we believe there is strong demand for this service… Given that it’s now priced appropriately, we feel it’s an ideal time to deliver prime brokerage to our FX clients and we’ve had a fantastic response from that customer base following the announcement.”