StoneX Hires SWIFT’s Edward Phelps as Head of Business Strategy

StoneX Global Payments, a subsidiary of the StoneX Group specializing in cross-border payments to developing countries, has hired Edward Phelps, a former SWIFT employee, as head of business strategy. Phelps, who left SWIFT after more than five and a half years, announced his new role on Friday.

Phelps brings about a decade of experience to this role. His appointment comes less than a month after Cboe Global Markets named Vikesh Patela senior SWIFT executive, as the new chairman of Cboe Clear Europe.

At SWIFT, Phelps held a variety of roles, ranging from a Business Development role (Enterprises) in 2017 to a Strategy role for SMBs and Consumers in February 2021.

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Phelps joined SWIFT from Ebury where he worked for nearly five years. He has held various positions, including corporate currency sales roles, with the fintech company.

Phelps’ appointment is one of several executive search firms StoneX Group, which provides execution, post-trade settlement, clearing and custody services to its clients, have completed in recent months.

In December, StoneX Group promoted to Rana Khatlan, its events, sales and marketing manager, as marketing and events manager for Europe, the Middle East and Africa. Earlier in November, StoneX Retail, the group’s FX and CFD trading division, promoted Adam Dance to the product manager.

Meanwhile, two different StoneX Group subsidiaries have recently come under regulatory scrutiny. On Thursday, the National Futures Association (NFA) slapped a $1 million fine on the subsidiary StoneX Markets, which is a swap dealer member of the NFA. The US derivatives regulator said the monetary penalty is to settle multiple compliance violation charges against StoneX Markets. The alternative fine neither accepted nor denied the allegations, but agreed to pay the fine.

Additionally, in December, NFA press GAIN Capital, another subsidiary of StoneX, with a fine of $700,000. The penalty, the regulator said, related to multiple compliance violations by Forex.com, which is one of GAIN Capital’s retail forex brokerage brands.

StoneX Global Payments, a subsidiary of the StoneX Group specializing in cross-border payments to developing countries, has hired Edward Phelps, a former SWIFT employee, as head of business strategy. Phelps, who left SWIFT after more than five and a half years, announced his new role on Friday.

Phelps brings about a decade of experience to this role. His appointment comes less than a month after Cboe Global Markets named Vikesh Patela senior SWIFT executive, as the new chairman of Cboe Clear Europe.

At SWIFT, Phelps held a variety of roles, ranging from a Business Development role (Enterprises) in 2017 to a Strategy role for SMBs and Consumers in February 2021.

Watch this FMLS22 session that takes a futuristic look at the e-commerce industry.

Phelps joined SWIFT from Ebury where he worked for nearly five years. He has held various positions, including corporate currency sales roles, with the fintech company.

Phelps’ appointment is one of several executive search firms the StoneX Group, which provides execution, post-trade settlement, clearing and custody services to its clients, have completed in recent months.

In December, StoneX Group promoted to Rana Khatlan, its events, sales and marketing manager, as marketing and events manager for Europe, the Middle East and Africa. Earlier in November, StoneX Retail, the group’s FX and CFD trading division, promoted Adam Dance to the product manager.

Meanwhile, two different StoneX Group subsidiaries have recently come under regulatory scrutiny. On Thursday, the National Futures Association (NFA) slapped a $1 million fine on the subsidiary StoneX Markets, which is a swap dealer member of the NFA. The US derivatives regulator said the monetary penalty is to settle multiple compliance violation charges against StoneX Markets. The subsidiary fine neither accepted nor denied the allegations, but agreed to pay the fine.

Additionally, in December, NFA press GAIN Capital, another subsidiary of StoneX, with a fine of $700,000. The penalty, the regulator said, related to multiple compliance violations by Forex.com, which is one of GAIN Capital’s retail forex brokerage brands.