Fimat strengthens Global FX Division

Ryan Schiff named Head of the global unit
New hire in London

London - October 17, 2003 - Fimat Group, one of the world's leading global brokerage organizations and part of Société Générale Group, announced today that it has merged its US and UK foreign exchange operations into a single global unit. This will strengthen Fimat's leading position in the foreign exchange market by providing clients with a central global order book giving more efficient, streamlined brokerage services.

Ryan Schiff, previously in charge of Fimat's FX desk in the U.S., will now serve as the Global Head of Fimat FX, a newly created position. Based in Chicago, he will be responsible for the management of the entire operation overseeing, trading and risk management for the division. Julian Knight, who served as his counterpart in Fimat's UK office, has been named Manager of Sales and Distribution for the FX business line. He will be seconded by Mike Bailey, formerly of Carr Futures, who has been hired as a Senior Sales/Trader in the London center.

"Most importantly, centralizing Fimat's FX operations will create a single global order book and provide clients with a competitive advantage that will allow them to benefit from trading synergies across markets and execute their orders in the proper time zones," said Patrice Blanc, Chairman and CEO of Fimat Group. "In addition, the combination will allow us to improve our service to customers, and enhance risk management."

The new global FX division will have centers located in both Chicago and London with a staff including sales, senior dealers, as well as middle office personnel.

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