Manx FX and Financial Solutions Limited (MFX) are delighted to announce the appointment of Garry Vernon (CAI Dip F.M.A) as the Head of FX Services and Operations. Garry is a treasury expert with 20 years’ experience in managing treasury risks and activities, and holds an ACI Diploma from the Financial Markets Association.
The breadth of knowledge he gained from working in the banking sector enabled Garry to lead the establishment of a treasury department at Bank of Bermuda. Following this, he became Group Treasurer of a multinational shipping organisation where he took responsibility for setting up a global treasury operation, including the implementation of a treasury management system. He has since provided treasury consultancy services to the insurance, e-gaming and private equity industries to improve control and reduce costs by effectively managing their exposures.
Throughout his career, Garry has focused to great effect on increasing profitability, having implemented profit-improving initiatives collectively amounting to tens of millions of pounds across various industries. When asked his method for quickly identifying such initiatives, he advises, “My approach has always been to start by reviewing any pre-agreed banking terms, seeing if any agreement has been made with FX margins and whether the organisation has any strategy in place for managing their FX exposures. In most cases, the outcome is the same – no pre-agreed margins and deals transacted only when additional currencies have been required. Negotiating new competitive FX margins and demonstrating how crucial informed timing is to the execution of trades has had the biggest profitability impact on most businesses that I have helped.”
Knowing how profitable currency business is to banks raises questions about the fairness of their pricing of exchange rates. Weighing up this issue, Garry comments, “I have never considered the banks’ approach to pricing FX margin’s as fair, consequently I have often thought that it would be great to have an alternative solution that could benefit the wider market.”
Garry’s desire to find a fair, transparent fee for FX services, coupled with competitive pricing for all clients, exactly matches the objectives of MFX. In fact, Garry’s ideal approach was the foundation of our business model. Our shared goals, along with Garry’s obvious expertise, make him an invaluable part of our team.
Photo - Garry Vernon.
