COEX Partners is an Agency Execution broker that gives institutional clients a 360-degree coverage across a comprehensive product portfolio. As well as generating trading ideas for our clients, we help structure, execute and monitor their positions by providing support across the entire trade lifecycle – from Trade Selection through to Post Trade Reporting.
We are growing rapidly by providing a global offering in markets for highly accessible, widely traded financial assets. COEX Partners specialises in exchange traded products, Government Bonds, Foreign Exchange, Cleared IRS, Relative Value Solutions and Cash Equities. Through our Agency Execution model we enable our clients to operate in the market anonymously and access aggregated liquidity at best pricing.
Products & Value Added Services
Trade Advisory and Execution Services
OTC Foreign Exchange
FX Strategy and European Political Analysis
Relative Value (RV) Execution
Trade Advisory and Execution Services
The COEX trade advisory business utilises both macro and relative value methodologies with the aim of generating original trade strategies which are then executed at the best possible price.
We also work with our clients to create trade implementation strategies that fit with their market views; optimising for market liquidity and carry and looking beyond consensus trade expressions.
Our highly experienced execution team use a blend of best in class trading software, cutting edge proprietary algorithms and off-screen liquidity to achieve unparalleled execution outcomes for our clients.
While listed derivatives are at the core of the COEX business model, our client offering now extends to cash fixed income, IRS, FX and equity markets.
Our team of over 40 salespeople combines a diverse blend of career futures brokers, former traders from hedge funds and investment banks as well as those from quantitative and programing backgrounds.
Teams based in London, New York and Paris offer 24-hour access to all major global futures exchanges. Our anonymous OTC pricing is sourced from both bank and increasingly non-bank liquidity providers.
We accept orders by all the industry-standard methods including voice and standard FIX/STP routes. For our non-FIX/STP clients we offer bespoke, fully automated trade confirmations in all formats including Bloomberg VCON.
OTC Foreign Exchange
The COEX Foreign Exchange business combines best in class FX strategy, political analysis and FX execution services. Our team has many years of combined experience working in financial market institutions, including macro hedge funds, top tier investment banks and in prime brokerage services.
We believe that the FX market structure has changed in the wake of the financial crisis, and our business has been created with that in mind, focusing on a select client base, with the aim of helping both with routine FX transactions as well as special situations.
COEX FX have the depth of experience to handle the largest FX Transactions, yet we are nimble and flexible enough to react to individual client requests for FX strategy, political or economic analytical projects. We seek to decipher key Macro events before they are priced. We focus on scenario analysis, trade ideas and construction. We also host bespoke roundtable events and deliver one-to-one client meetings with external consultants and advisors.
COEX FX provide anonymous execution in Spot, forwards and FX options products in G10 and EM markets through an experienced trading and operations team. We access liquidity through traditional and non-traditional channels using smart technology to enhance our liquidity and price discovery and then clear trades through multiple top tier FX Prime Broker arrangements.
Head of FX, Managing Partner
James Fauset
Brevan Howard FX Portfolio Manager / Strategist 2011-16, Goldman Sachs, Head of Hedge Funds Sales 2006-11
FX Sales, Managing Director
Max Clarfelt
Goldman Sachs FX Sales London/Asia 2008-16
FX Sales, Managing Director
Vishal Sawhney
RBS FX Sales 2008–12, Citibank 2012-17 covering Macro funds and focussing on derivatives in G10 and EM
FX Political Strategy Europe
Sarah Raine
Head of Operations
Tina Solanki
Bluecrest FX Operations 2011-16, RBS FX Prime Brokerage 2007-11
Head of Trading
Peter Russell
Millennium Global FX Execution 2009-16, UBS FX Prime Brokerage 2006-09
Trading
James Mercier
Sanlam Private Wealth, Portfolio Manager & Structured Products Analyst 2010-16
Sales
Henry Ritchie
Business Manager
Richard Fauset
FX Strategy and European Political Analysis
COEX FX strategy and European political analysis offers experienced in-house analysis of the underlying political trends affecting financial markets, tailored to the medium-to-long term investment community. Our analysis focuses on identifying likely event dates as early as possible, as well as attaching probabilities to different outcomes.
Currency markets have become more vulnerable to political events over the past several years. Elections, fiscal policy changes, treaty negotiations, and geopolitical shocks are all making their effects felt on the financial markets.
We use back testing and correlation studies to determine real time drivers of currencies, and to look for misalignments. We also analyse central bank reaction functions, and from that, help our clients anticipate policy surprises.
COEX also reaches beyond the traditional financial-market bubble by engaging with a wide network of informed, high-level contacts. These experts bring their own additional insights and perspectives to key themes and events, thereby ensuring that COEX delivers further value-added to its clients. This service is tailored to a limited number of discerning and successful macro investors and is focused in particular on European markets.
COEX European Political Strategy is run by Sarah Raine and is based out of Berlin.
COEX Foreign Exchange strategy is run by Henrik Gullberg and is based out of London and Stockholm.
ContactTeam
Fx Political Strategy Europe
Sarah Raine
Sarah joined COEX in 2017 and is responsible for FX European Political Strategy. She has worked as a political and strategy consultant in Asia and Europe, alongside her ongoing consultancy work in the think tank industry. Since 2012, Sarah has worked as a freelance consultant based in Berlin, providing clients with reporting on European political developments alongside strategy advice. Sarah is the author of two books on China and a number of articles on Asian and European political developments.
COEX FOREIGN EXCHANGE STRATEGY
Henrik Gullberg
Henrik joined COEX in 2019 and is responsible for FX Strategy. He has previously worked as an FX and EM strategist for Nomura (2015-2019), Deutsche Bank (2008-2015) and Credit Agricole (2004-2008). Henrik uses a wide range of metrics to determine real time drivers of currencies and to look for misalignments across the FX universe. He combines this with his macro insights and perspectives in order to identify key themes and events in the markets. His academic background includes a Post Graduate Diploma in Econometrics from Birkbeck College, and Masters degrees in Economics and Statistics from University of Exeter, UK, as well as from the School of Business and Commercial Law, Gothenburg, Sweden.
Relative Value (RV) Execution
The COEX RV business is a 24/6 futures and on-the-run treasuries execution desk focusing on Fixed Income synthetic spreads. With co-located servers for ultra-fast network connectivity, the desk employs low latency & high frequency infrastructure with an open-ended approach. This allows real time enhancements and behavioral changes to suit ever changing market conditions, thereby providing faster execution and better prices on synthetic spreads with less legging risk. Our ultimate goal is to complement our client’s trading objectives with our execution services, market depth analytics and liquidity expertise.
The desk allows clients to build their own custom strategies with any supported listed security and trade it like an index or single package. Typical strategies include: Benchmark UST Basis and Flies; TEDs mimicking Invoice Spreads; TED Boxes; Futures’ Curves and Flies with PCA, duration or custom weightings; UST Calendar rolls risk and or curve adjusted.
Given the increasing demand for the ability to deliver trade confirmations and risk positions directly into client back office systems, our objective is to provide a fast, seamless solution for trade allocations. We offer Straight Through Processing (STP) via FIX for trade allocations and risk drops; FTP drop copy files for further position and trade management; N-trade split allocations to support multiple clearing houses and multiple customer end-accounts; Custom excel & email templates for back office systems to quickly load trade delivery; Overnight Order reconciliation trade blotters for each trader after session close; Automated trade matching for clearing clients.
We also offer several analytical reports: Weekly CFTC flow report; UST spline report; Quarterly calendar roll views; Daily calendar roll volumes & open interest vs historical data; Live calendar % rolled and intraday volume expectations; Volume monitor for UST calendars, outright futures, EFPs/EFRs, block trades or any other notable trades.
Management Team

Co-Founder
John Ruskin
John is co-founder of COEX Partners and has over 25 years of experience in the futures industry. Before starting COEX, John was Global Head of Financial Futures and Options at Newedge. Prior to that, he founded the Cube Financial Group in 1998 and was CEO until this was sold to Société Générale in 2006. He started his career on the LIFFE floor.

Head of FX
James Fauset
James joined COEX in 2016 to head up the FX division. He worked for 11 years on the sell side, most recently as head of Goldman Sachs Hedge Fund Sales (2006-2011). He moved to Brevan Howard in 2011 and worked there for 5 years as an FX Strategist & Portfolio Manager with a strong focus on politics. During his Brevan years he continued to travel widely, maintaining relationships with macro investors, corporates and policy advisors.
Offices
LONDON
COEX Partners Ltd
117 Jermyn Street,
London, SW1Y 6HH
+44 (0) 20 3859 5120
NEW YORK
COEX Partners
200 Vesey Street
New York
USA
NY 10281
+1 646 665 7613
50 Raffles Place,
39-00 Singapore Land Tower,
Singapore, 048623
London Office
COEX Partners Ltd
+44 (0) 203 859 5110
contact@coexpartners.com
New York Office
COEX Partners
+1 646 665 7613
contact@coexpartners.com
Singapore Office
COEX Partners
contact@coexpartners.com