Foreign exchange industry veteran John Rebelo has founded and incorporated Sterling Gent Trading Ltd (SGT) to provide buy-side and sell-side services to the global FX industry and other capital markets participants.
Mr Rebelo, having enjoyed a lengthy career in the industry culminating with his position as Chief Dealer at Bank of Bermuda with a remit to oversee FX risk management and related functions, notes that the industry has markedly changed since he and colleagues first became involved in the industry in the 1980s. Bank of Bermuda was acquired by HSBC in 2004 and is now known as HSBC Bank Bermuda Limited.
“FX broking and dealing via the internet started in earnest about 8 or 9 years ago, preceding the introduction of the Euro. A lot of the people on desks today were not around to trade the legacy EMS currencies like the German deutschemark. While the voice broking and electronic broking portals like EBS and Reuters will continue to satisfy institutional needs, we’ve long anticipated the significant growth in FX turnover that we’ve witnessed and participated in over the last several years – and this growth opens up new opportunities that won?’ be filled by these legacy dealing systems,” Mr Rebelo reports.
SGT was recently incorporated in the British Virgin Islands (BVI). “We selected the BVI as our jurisdiction of incorporation for multiple reasons. First, it has a premier reputation in the global financial industry, and was one of the first major financial centres to adopt AML regulations in 1999. Second, it provides a safe, secure, and stable environment to conduct business. Third, it is in compliance with directives from the Financial Action Task Force (FATF), the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF), the Group of Eight (G-8), and the Group of Twenty (G-20), among others. Fourth, the BVI is the jurisdiction of choice for professional and private investment funds, a testament to the sterling reputation it enjoys,” Mr Rebelo adds.