Ex-Citi FX trading head to lead swaps strategy at Deutsche Börse 360T

Industry veteran Gavin Wells spent almost 15 years with Citigroup, before taking senior roles at LCH and Digital Asset.

Citigroup’s former foreign exchange trading head has been hired by Deutsche Börse to lead 360T’s FX swaps strategy, shortly after the business confirmed the launch an FX swaps limit order book.

360T, Deutsche Börse’s forex trading unit, confirmed that Gavin Wells has been appointed head of swaps strategy. He is due to start his new role in February in London, and reports to chief growth officer at 360T, Simon Jones. 

Wells joins the company with extensive FX trading experience, having been at Citigroup for almost 15 years leading the bank’s FX trading, e-commerce, and prime brokerage, before departing in 2008 to join LCH ForexClear for the next eight years. Wells was most recently head of Europe at blockchain specialist, Digital Asset.

His appointment follows news last month that 360T would launch an automated FX swaps limit order book with mid-rate matching functionality. Known as 360TGTX MidMatch, the fully visible limit order book allows market makers to stream curves out to two years, with a swaps data feed developed by 360T with the help of 20 banks acting as the mid-reference for grey-book risk exchange. 

The platform also provides full audit and surveillance capabilities, as well as a complete reporting suite. ANZ and Commerzbank were the first banks to execute trades on the multilateral trading facility (MTF), 360T said.

“To be able to attract someone of Gavin’s experience and track record in the FX Industry is a reflection on the potential which the electronic FX Swaps Trading space represents over the next few years. We have invested heavily in 360TGTX MidMatch and are excited to have someone of Gavin’s calibre to help lead the initiative,” Jones at 360T commented.