China taking on the West as prominent FX industry executive Thomas Molloy becomes VP of Chinese bank

For Thomas Molloy, global experience at senior level in the banking and institutional FX industry punctuates a career which spans over twenty years, culminating in almost 5 and a half years at FX Solutions as Head of Dealing for the US.

Mr. Molloy’s latest career move signals yet another move by Chinese banking institutions toward gaining a foothold in the West, a matter reciprocated by the almost fanatical focus which many FX companies place on attracting business from within China, despite the entry barriers imposed by the communist government.

In joining the Industrial and Commercial Bank of China this month as Vice President, the Chinese financial institution is gaining Mr. Molloy’s international experience, and probably for a good reason – to expand into the West in the light of huge demand for the offshore yuan, and the establishment of a free trade zone in Shanghai, hinting at courting an overseas audience.

Since 1997, Mr. Molloy oversaw FX Solutions’ risk management, as well as having formulated and executed hedging strategies.

Reporting directly to the CEO, he managed an extensive order book for the firm’s clients as well as trained and managed both dealing and support staff, remaining with the firm subsequent to its exodus from the US market in which the entire client base was sold to GAIN Capital.

Prior to this, Mr. Molloy held a one year position as a senior FX trader at prominent Israeli institution Bank HaPoalim, from its New York operarations. At Bank HaPoalim, he traded spot FX as well as forwards, acted as an FX market maker and advised bank clients regarding hedging and risk management. Privately owned Bank HaPoalim, led by Shari Arison, is one of the world’s strongest banks and plays host to a very long-standing high net worth stock trading client base in Israel.

Preceding his tenure at Bank HaPoalim, Mr. Molloy spent almost five years between 2000 and 2005 at Israeli compatriot Bank Leumo as a senior FX trader, where he established a profitable FX traidng desk for spot FX and forwards, also based in New York.

Before joining Bank Leumi from Caradas Currency Brokers in Dublin, Ireland, Mr. Molloy held positions as a senior FX trader in the mid 1990s at Bank of Ireland and British banking giant NatWest respectively.

By onboarding Western talent with this widespread level of experience, the Chinese banking institution is taking a step away from the normal procedures of implementing a Chinese business model across all operations, further adding to the possibility that the firm is seeking prominence in worldwide destinations with free market economies. If this is the case, it would represent a milestone in Chinese business advancement.

Should this be the case, it could be that “Made in China” may give way to “Made by China.”

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