Cantor Fitzgerald LP hired two former Goldman Sachs Group Inc. salesmen for its foreign-exchange group in New York.
Joseph Pinto, previously head of Americas electronic foreign-exchange sales at Goldman, was hired as a senior managing director, and Stephan McElreath, a Goldman vice president of foreign-exchange sales, was hired as vice president, Cantor said today in a statement.
The two were added to boost market-making operations and will report to James Reilly, senior managing director and global head of foreign-exchange sales and trading, said the brokerage run by Howard Lutnick. Cantor is one of 22 primary dealers that trade with the Federal Reserve.
“One of the things I’ve been tasked with in my remit is basically to build out a number of different capabilities,” Reilly said in a phone interview. “That includes our electronic footprint, that includes our voice-agency execution business and obviously that includes our trading business.”
Foreign-exchange volumes have dropped amid policies by the biggest central banks that have depressed volatility and as officials around the world probe trading activity.
“It’s an opportunity for us as a full-scale institution,” Reilly said. “Where maybe some of the smaller market participants who can’t weather what is just a bad year are having troubles, and where some of the larger market participants who have maybe been caught up in headlines around the world, we find ourselves building out a longer-term vision.”
Average daily currency turnover in North America was $811.1 billion in April, a 20 percent drop from a record $1 trillion in April 2013 and a 0.6 percent decline from October, the Fed-sponsored Foreign Exchange Committee said last month, citing a twice-yearly survey.