McGowan joins Barcap after nine years at Deutsche Bank in London where he was most recently global head of complex risk and euro-bloc flow options trading. He will be based in Singapore and report to Ivan Ritossa, the firmÆs global head of FX and Asia-Pacific head of global markets û trading.
Siddiqi, who is currently a managing director and Asia-Pacific head of corporate FX and risk advisory, has assumed management responsibility for distribution of the full suite of flow and structured FX products to both corporate and investor clients in Asia-Pacific. Siddiqi has been part of BarcapÆs FX leadership team since October 2002 when he was global head of FX structuring based in London.
In his new role he will have a three-way reporting line, answering regionally to Kevin Burke, the Asia-Pacific head of distribution, and Patrick Kwan, the regional head of derivatives and financing solutions within the investment banking division. Globally, he will report to George Athanasopoulos, global head of FX sales and emerging markets sales for institutional investors.
Tonkin, who is currently head of FX trading for Japan and regional head of FX forwards, has assumed additional regional responsibility for FX spot trading and FX proprietary trading, reporting to McGowan. Tonkin joined Barcap in 2004 as the regional head of FX forwards, based in Singapore, and re-located to Tokyo in mid-2006 to also head up the FX trading business there.
In a written comment, Ritossa noted that BarcapÆs foreign exchange business has made ôtremendous strides towards becoming the premier provider of risk management, investment and execution servicesö for its clients and has seen its Asian market share increase to 14% in 2008 from 10% in 2007.