State Street electronic FX chief departs in leadership shake-up

Reuters

State Street Corp said on Saturday the top executive of its electronic foreign exchange trading business has left the company in a leadership shake-up.

The departure of Clifford Lewis raises questions about the direction of Boston-based State Street's high-frequency trading platform for forex called Currenex. Lewis was chief executive and chairman of Currenex when State Street agreed in 2007 to buy the company for nearly $600 million in cash.

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"Because we have combined teams and solutions that previously resided within other business units, we've had to make tough decisions about leadership, and Cliff Lewis left as a result of those decisions," said State Street spokeswoman Carolyn Cichon. "We are very grateful for the contributions he has made and strong management team that he leaves behind."

Lewis did not return messages seeking comment. He was an executive vice president at State Street and head of the e-Exchange business, which includes Currenex, FXConnect and a range of other trading platforms. The e-Exchange FX businesses averaged over $150 billion in daily volume in 2012, making them one of the largest FX trading platforms in the world. Lewis also managed State Street's derivatives and bond clearing businesses.

(Reporting By Tim McLaughlin; editing by Christopher Wilson)