About eFX Consulting

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Richard Estes has over 30 years experience in the Foreign Exchange (FX) markets, with a focus on improving trade execution for both buy side and sell side firms. He is best known for designing the industry's first Internet-based FX system for investment managers, whose technology was the basis for the first-generation FXall trading platform (now owned by London Stock Exchange Group).

Richard's career began as a management consultant for a leading global pharmaceuticals company operating in France, where he analyzed the production process of one of its manufacturing plants and applied industrial engineering theory to improve efficiency. It was here that he developed his passion for improving business workflow processes, which he has applied across numerous FX business activities during his career.

Richard has worked at J.P. Morgan and BNY Mellon in increasingly senior roles in Trading Technology, FX Sales, Global Custody and Cash Management, eFX, FICC Product Management, and Business Strategy. He also played leadership roles in FX technology integration in both the Bank of New York/Mellon Financial merger and the acquisition of PNC's Global Investment Servicing business.

During his early years at BNY Mellon, Richard applied his unique combination of knowledge of the FX markets, trading technology, and global custody operational processes to design and launch iFX Manager, the industry’s first Internet-based FX platform designed for investment managers. Voted "Best FX Trading Site for Fund Managers" by Euromoney in 2001 and 2002, iFX Manager automated the entire workflow process for investment managers, from pre-trade FX trade requirements generation, to order management and trade execution, to post-trade reporting and custodian notification. 

In 2000 Richard led the efforts to license the iFX Manager technology rights to a consortium of banks operating as FX Alliance (a.k.a. FXall) to realize his vision of creating a multi-bank trading platform designed for the buy side.

Richard later created a new outsourcing business for BNY Mellon offering passive currency share class and portfolio hedging to meet the growing needs of fund management companies and plan sponsors operating globally. He also redesigned both the front- and back-end of BNY Mellon's FX payments web-based platform. Both business initiatives demonstrated his detailed knowledge of fund administration and cross-border payment processes.

In recent years Richard oversaw the implementation of BNY Mellon’s initial eFX liquidity management and pricing infrastructure. He was also played a vital role in the design of internal analytics to evaluate and improve the trading desk's eFX performance across leading industry platforms. Finally, he was the lead BNY Mellon representative on The Working Group on U.S. RMB Trading and Clearing (www.rmbusawg.com) chaired by Michael Bloomberg.

Richard has a Bachelor's Degree, cum laude, in Romance Languages & Literatures (concentration: French Language & Civilization) from Princeton University, and a Masters in Business Administration (concentration: Finance/International Business) from New York University's Stern School of Business.