Newedge, a global multi-asset brokerage, has hired John Fay, a former Instinet executive, as its new senior managing director and head of Americas region.
Fay, previously co-CEO and co-president of agency broker Instinet, will be based in New York and charged with developing Newedge’s business lines in the region. His tasks will include oversight of the firm’s regional performance, and managing local risk, compliance and regulatory issues.
Fay will also join the Newedge executive committee, reporting directly to Patrice Blanc, Newedge’s CEO, and Nicolas Breteau, global head of sales and front office.
Prior to his role at Instinet, which ended when Nomura purchased the firm in 2007, Fay held roles at Morgan Stanley-Dean Witter and Goldman Sachs.
“John’s extensive experience and solid knowledge of the financial services industry will be an asset to Newedge’s clients, helping to broaden our global product offering and strengthen our agency model,” said Blanc, in a statement.
“I am very pleased to join the Newedge team and I believe that Newedge’s brokerage platform is well positioned in today’s competitive environment to continue to provide strong benefits to our customers in the Americas and around the globe,” added Fay.
In the Americas region, Newedge primarily trades exchange-traded derivatives, equities, fixed income brokerage and foreign exchange. Newedge USA, which Fay will also be responsible for, is the largest futures broker in the US, based on customer-segregated funds. Newedge was formed in 2008 from the merger of
Fimat and Calyon Financial, the respective brokerage arms of French investment banks Société Générale and Calyon.