Raymond Kamrath
Chairman and Chief Executive Officer
Founding Partner
Ray Kamrath is a founding partner and serves as the Chairman and Chief Executive Officer of Faros Trading, LLC. Mr. Kamrath has over 18 years of experience in capital markets and financial services. Prior to joining Faros, Mr. Kamrath was a Managing Director in the Fixed Income, Commodity and Currency Division of Goldman Sachs where he led sales franchises in New York and London. In addition, he was the Global Head of FX Ecommerce responsible for strategy, product development, client service and distribution. Mr. Kamrath served as an independent member of the Board of Directors of FX Alliance LLC (FXAll®) in 2008 and 2009.
Prior to Goldman Sachs, Mr. Kamrath was responsible for sales at Longitude, Inc. Longitude partnered with Goldman Sachs, Deutsche Bank and other leading investment firms in pioneering markets for innovative derivatives. He has held senior sales positions covering institutional clients (i.e., Hedge Funds, Mutual Funds, Multi-National Corporations, Central Banks, Sovereign Wealth Funds, and Endowments) advising them on all of their hedging and investment needs at Goldman Sachs, UBS, Morgan Stanley and J.P. Morgan. He has a long track record of serving clients by delivering innovative value-added solutions.
Mr. Kamrath attended the University of Virginia and graduated with a B.A. in International Relations in 1992. While at UVa, he played on the nationally ranked lacrosse team for four years and was elected team captain.
Mark Galant
Founding Partner
Mark Galant is a founding partner of Faros Trading, LLC. Mr. Galant is a recognized industry leader in the foreign exchange markets and has enjoyed a Wall Street career spanning over 30 years. In 2009, he was inducted into the Profit & Loss Hall of Fame for his contributions to the growth and success of the foreign exchange industry.
Mr. Galant is also a founder and board member at GAIN Capital Group/FOREX.com. He served as Chief Executive Officer of the company from its inception in 1999 until 2007. Prior to forming GAIN Capital, Mr. Galant was President at FNX Limited, an international provider of trading and risk management systems. He also served as Global Head of Foreign Exchange Options Trading at Credit Suisse from 1991 to 1994.
Mr. Galant’s most recent endeavor is the high frequency algorithmic trading firm, Tydall Trading, LLC, where he is both the founder and Chief Executive Officer. He currently serves on the board of directors at GAIN Capital, Trader Tools and Faros Trading.
Mr. Galant holds a B.S. in Finance from the University of Virginia and an M.B.A. from Harvard Business School. In 2008, he founded the Galant Center for Entrepreneurship with the McIntire School of Commerce at the University of Virginia.
Brad Bechtel
Managing Director
Head of Sales
Brad Bechtel is the Head of Sales and a Managing Director at Faros Trading, LLC. Mr. Bechtel has over 15 years of experience in the financial services industry and capital markets. Prior to Faros, Mr. Bechtel was a Vice President in Foreign Exchange Sales at Goldman Sachs within the Securities Division. His primary responsibilities included client relationship management, macro market coverage and selling foreign exchange (FX) products to hedge funds and real money FX overlay managers, with a specialty in covering equity hedge funds. Mr. Bechtel helped clients understand how to measure fair value in FX using internally developed valuation models and assisted those clients with FX funding and hedging strategies.
From 2000 to 2004, prior to joining FX Sales, Mr. Bechtel was a Business Unit Manager for Foreign Exchange, Money Markets, Mortgages and Commodities reporting to the Division’s CFO and the Global Business Unit Head of each respective business. His responsibilities included business planning, expense management, new business opportunities, human capital management and senior management communication for each business, globally. From 1996 to 2000, Mr. Bechtel was a Product Controller within the Finance Division of Goldman Sachs for several product areas within the Fixed Income Currency Commodities (FICC) Division where he was responsible for risk monitoring, profit and loss calculation and reporting. Prior to joining Goldman Sachs, Mr. Bechtel was a staff accountant at PricewaterhouseCoopers where he began his career, with primary audit responsibilities for broker-dealers and mutual funds.
Mr. Bechtel holds a B.S. from the School of Management at Syracuse University with a concentration in Accounting.
Douglas Borthwick
Managing Director
Head of Trading
Douglas Borthwick is the Head of Trading and a Managing Director at Faros Trading, LLC. Mr. Borthwick has over 18 years of experience in G20, and emerging markets foreign exchange and interest rate trading. He has had global management responsibilities in G20 forwards, Asian deliverable and non-deliverable forwards, and Latin American deliverable and non-deliverable forwards.
Mr. Borthwick was the Head of Latin American non-deliverable forwards and options trading desks and a Director with Standard Chartered Bank from 2007 to 2009. As the Head of Standard Chartered’s Latin American trading team, his primary responsibilities included proprietary trading and market making for global hedge fund, real money and corporate clients. Mr. Borthwick helped the bank grow and manage the trading business, delivering the firm’s franchise in the U.S., China, Hong Kong, India, Singapore and South Korea. Prior to that, Mr. Borthwick was the Head of Strategic Trading within Foreign Exchange and a Director with Merrill Lynch. He traded deliverable and non-deliverable currencies in the G20 and emerging markets space along with proprietary indices and interest rate futures on a proprietary basis.
From 1996 to 2005, Mr. Borthwick headed the G20 deliverable forwards and Asian non-deliverable forwards trading desks for Morgan Stanley, servicing daily flow from global hedge fund, real money and corporate clients in addition to trading the firm’s own account on a proprietary basis. He advised hedge fund and corporate clients during the Asian crisis and traded in London, Hong Kong and Tokyo. Mr. Borthwick was also an analyst within the economic research department of Lehman Brothers. He was a member of the institutional investor ranked teams for both U.S. and Latin American economics.
Mr. Borthwick’s views on macro markets and foreign exchange are regularly reported on by CNBC, Bloomberg, The Wall Street Journal, Reuters, and other industry leading news outlets.
Mr. Borthwick holds a B.S. from Carnegie Mellon University, with a concentration in Economics and an M.B.A. from Yale’s School of Management.
Dan Dorrow
Managing Director
Head of Research
Dan Dorrow is Head of Research at Faros Trading, LLC. Dan has 17 years of market and industry experience as an economist and market strategist. On the buy side, including at hedge funds Omega Advisors and Pantera Capital, he initiated strategies in FX, FI, and equity markets based on underlying macro views in both developed and emerging markets. On the sell side, he was head of Latin American economic research at Merrill Lynch and a local emerging market strategist at Bank of America and Santander. Previously, he was a member of the economic research teams at Exxon Company, International and Eastman Kodak.
Dan holds a Ph.D. in Economics from the University of California at Berkeley with concentrations in International Finance, Macroeconomics, and Econometrics.
John D. Colasanti
Vice President
Head of Ecommerce and Operations
John Colasanti is the Head of Operations and Client Service at Faros Trading, LLC. Mr. Colasanti joined Faros with over eight years of experience in the foreign exchange and financial derivatives markets. Prior to joining Faros, Mr. Colasanti was the Head of Americas FX Prime Brokerage Sales at Citibank. In this role, his primary responsibilities were client origination and platform development for the U.S., Canada and Latin America.
From 2005 to 2007, Mr. Colasanti was a Manager on the Derivatives Prime Brokerage team at Barclays Capital where he helped build the “Barx” PB platform for FX, Interest Rate Derivatives and Commodities while covering macro and systematic hedge fund clients. Prior to that, Mr. Colasanti was a proprietary trader at Goldenberg, Hehmeyer & Co.
Mr. Colasanti holds a B.S. in Finance from the Lehigh University College of Business and Economics.
Garry Popofsky
Managing Director, Sales
Garry Popofsky is the Head of Business Development and a Managing Director at Faros Trading. Mr. Popofsky joined Faros with over 25 years of experience in FX, Emerging Markets and rates sales. Most recently, Mr. Popofsky was Head of Foreign Exchange and Emerging Markets Sales at BNP Paribas (2004-2010) where he helped build a global, customer-oriented sales business. He and his team of over 30 professionals assisted Institutional Clients (i.e., Hedge Funds, Mutual Funds, Multi-National Corporations, Central Banks, Sovereign Wealth Funds, and Endowments) with all of their hedging and investment needs. Mr. Popofsky was frequently called upon to determine the best execution for large investments and to create solutions in sensitive mergers and acquisitions.
Prior to overseeing BNP’s Foreign Exchange and Emerging Market Sales growth, Mr. Popofsky lead the expansion of the FX Sales business at the Royal Bank of Scotland (1999-2004) and Lehman Brothers (1997-1999). Mr. Popofsky began developing long-term client relationships and familiarity with the global markets at Goldman Sachs (1989-1997) and Salomon Brothers (1983-1989).
Mr. Popofsky holds a B.B.A. from Hofstra University with a concentration in Accounting.
Chad Smith
Chad Smith is a sales professional at Faros Trading, LLC. Chad has over a decade of experience in the Foreign Exchange markets building businesses. Most recently, Chad was a Managing Director at Royal Bank of Scotland leading the Bank’s Desk in the Americas. In this capacity, he focused on delivering value-added services and strategic solutions ranging from e-commerce to cross-asset coverage to structured trading.
Chad’s career began at Lehman Brothers in 2001 in Bank Sales where he helped to build the North American Bank Desk. . Using e-commerce solutions as a base to his business model, he focused on tailored solutions, scaled distribution of information and trade ideas, as well as the trading of non-flow-based FX assets. After Lehman, he joined UBS in 2006. At UBS, he was the principal advocate for the number-one ranked Bank’s franchise in the Americas and was quickly viewed as an innovator and leading client advocate.
Chad has a BBA in Finance from The University of Notre Dame (1995) and a Master’s in Business Administration from The Anderson School at UCLA (2001). He served in the United States Navy for six years as a Surface Warfare Officer where he served in various capacities, including Navigator on a Fast Frigate, Deck Officer on an Aircraft Carrier and a Professor of Naval Science at UCLA.
Thomas Doyle
Tom Doyle is a sales professional at Faros Trading, LLC. Mr. Doyle has over twenty years of experience in the Foreign Exchange markets working for some of the most prominent names in the industry. Most recently, Tom worked at Morgan Stanley where he was responsible for the North American Bank Sales business. In addition he covered Asset Managers, Hedge Funds, Central Banks, and Sovereign Wealth Funds. He worked in tandem with Morgan Stanley’s e-commerce team to provide liquidity, execution, market analysis, and bespoke solutions.
Tom’s career in FX began as a spot trader at JP Morgan in 1991. It was there that he learned the business and quickly rose through the ranks to trade USD/DEM and its successor, EUR/USD. Known for employing a client-centric focus and macro perspective, Tom worked in all of Morgan’s major geographical centers: New York, Singapore, Sydney, Europe, and London. When JP Morgan was acquired by Chase in 2000, Tom moved to Barclays Capital as a senior dealer, managing large customer transactions across all G7 currency pairs. In 2004, Tom joined UBS as the chief EUR/USD dealer. He transitioned into sales in 2007, employing a “trader’s perspective” among sales; a perspective which served him and his institutional clients well.
Tom enjoys a reputation of integrity with his clients, including senior relationships with global reserve managers. He has a BA in Economics and American Literature from Middlebury College and an MBA in Finance and Marketing from Columbia Business School. An inveterate Red Sox fan, he and his wife and their four children live in Westchester County, NY.
Allison Israel
Allison Israel is a sales professional at Faros Trading, LLC. Ms. Israel has five years of experience in the financial services industry. Prior to joining Faros in 2011, Ms. Israel worked at Bloomberg as a senior account manager covering both buy and sell-side institutions in Fairfield County, Connecticut. Her primary responsibility was to maintain and further develop existing business relationships while identifying new opportunities for Bloomberg’s core and ancillary product offerings.
Allison’s career began at Bloomberg in 2007 in the Global Analytics department. In this role, she worked closely with clients using Bloomberg’s proprietary analytic tools and served as a liaison between clients and internal business contacts in order to enhance terminal functionality. From 2008 to 2009, Allison was a department head where she trained and integrated all new employees via an in-depth development program focused on mastering the Bloomberg terminal across multiple asset classes with a special focus on Foreign Exchange.
Allison Israel attended The Pennsylvania State University for her undergraduate education. She graduated from the Smeal College of Business with a B.A. in Marketing and minors in Japanese and International Business. Allison studied abroad in Tokyo, Japan in 2006 and is proficient in Japanese. Allison is an active member of Minds Matter NYC, a foundation focused on guiding low income, high performing high school students into four year university programs.