Foley to launch Gelber FX desk

Foley plans to hire 10 to 15 FX traders, covering spot, futures, options and interest rate products. They will add to the team of 150 traders at Gelber in Chicago, trading products such as US government securities, stock indexes and financial futures.

Foley said the growth of services such as prime brokerage – where institutions may trade foreign exchange or other products via a prime broker for credit reasons – have prompted the firm to examine the lucrative FX market. "Prime brokerage is g