Foreign Exchange Trader Profile: Steve Brown
March 24, 2023
FX Trader Spotlight
Vancouver Bullion & Currency Exchange has a team of experienced and knowledgeable traders dedicated to helping clients execute currency trades, buy and sell precious metals, and efficiently manage foreign payments and incoming funds. We understand trust is essential for our clients when managing foreign exchange transactions and market trades.
No two clients are alike, and no two businesses are alike. Our traders have a vast set of professional skills and market trading experience, including speaking multiple languages and having years of currency exchange experience and/or precious metal market experience. In addition, having worked with multiple industries, they can support a wide set of needs for Canadian businesses.
While we offer exchange rate information and transact over 5 billion dollars annually, our foreign exchange services include daily financial transactions performed by business owners, accountants and controllers when managing foreign employees, contractors, vendors and suppliers. Whether focusing on US-to-Canada exchange rates or exchange rates for Euros, British Pounds, Mexico Pesos or Japanese Yen, we work with our clients and international banks across the globe and assist these forex transitions supporting over 80 currencies.
In British Columbia, we support major industries, including:
Agriculture
Construction
Film and Television
Fisheries & Aquaculture
Forestry
High Technology
Manufacturing
Mining
We support business, or corporate and individual, or personal exchange rate and precious metal transactions in our home province of BC and other Canadian provinces, including Alberta and Ontario, with the exception of Quebec.
Meet Steve Brown, Senior FX Trader
In this interview, we get to know Steve, his background, his work routine, how he helps his clients get the best exchange rate, and the added value he brings to his clients.
Steve Brown is a Senior Foreign Exchange Trader and Account Executive who has worked with VBCE for over 25 years. He holds a BA in Business and specialized training in accounting and business communications. Steve is a native English speaker and adds Japanese culture and language to his skills. Steve is equipped with the knowledge and skills necessary to provide value to his clients. Steve is featured on our Japanese foreign exchange services page, supporting businesses trading between Canada and Japan. Steve was recently featured in our Market Trends for 2023 where he shared his thoughts on what to keep an eye on this year.
What prepared you for a profession in currency exchange?
I obtained a BA in Business at Simon Fraser University (SFU), and there were some specific classes and areas of specialization that helped: Accounting, Finance, Options & Futures, Economics, International Banking, Marketing, International Business, Business Communications, Management Science, and Japanese Culture and Language
What do you enjoy most about your Forex job?
I enjoy adding value to helping clients execute currency trades and payments. Arranging transactions at favourable levels to create savings for the client and processing trades efficiently to meet time constraints.
What is your go-to FX news source in the industry?
My most trusted source is Forexlive; it provides the latest news in foreign exchange markets, including reporting and analysis.
What does a busy day look like for you?
In the morning, I read the economic data releases and monitor the market response reviewing price action in the currency markets. During the day, I prioritize time-sensitive clients, enter early morning trade requests, and confirm new wire and bank instructions. I support client requests across communication channels, including answering emails, texts, WhatsApp messages, cell phones, and office phone calls. Typically I will also have clients' face-to-face meeting requests either at the branch or their place of business.
What currencies do you keep your eye on the most? Why?
Below are the main pairings my clients require; most are time-sensitive to market fluctuations: USDCAD, JPYCAD, EURCAD, EURUSD, GBPCAD, GBPUSD, SGDCAD, SGDUSD, SEKCAD, SEKUSD, AUDCAD, and AUDUSD.
Glossary of foreign currencies:
- EUR - Euros
- GBP- Pounds Sterling
- SEK - Swedish Krona
- AUD- Australian Dollar
- SGD- Singapore Dollar
- JPY - Japanese Yen
- USD - United States Dollar
- CAD - Canadian Dollar
Current VBCE retail cash rates
What precious metals do you keep your eye on the most? Why?
My focus for clients is Currency Exchange; I follow gold as it generally trades with a negative correlation to the USD.
Share with us what your typical clients look like and how you help them with their foreign exchange needs.
My customers fall into four areas: public companies, private businesses, Ultra High Net Worth Individuals (UHNWI) and professional sports players such as NHL Hockey Players. Industries include mining, technology, real estate investment and management, footwear, wine, steel and industrial products.
Favourable exchange rate levels typically last only minutes whether a client buys or sells. Often, these rates are only available during the Asia-Pacific, London, or early North American sessions. I provide value in recommending limit order target rates for spot and forward trades. I also notify clients in a timely manner so they can execute trades at favourable levels.
We aim to help our clients as they transact business, and sometimes, that requires us to assess where we can offer more value with our knowledge of the commercial banking industry. For example, one of my top clients received additional funding of approximately $40 million dollars in Canadian currency. They had no system to move funds between the parent and operating subsidiary. I assisted them in moving funds from BMO to HSBC along with arranging the typical currency trades and payments. They were very appreciative that they did not have to make a trip downtown to arrange this in person. It could have taken them a full business day to visit one bank, organize a bank draft and then visit the other bank and possibly have a hold released.
What do you feel VBCE does well?
VBCE is very transparent, consistent, and ethical with its pricing. Some competitors lure clients with pricing that seems too good to be true. They then widen and charge rates often higher than retail rates offered by ordinary financial institutions once they feel they have the client’s trust. VBCE always looks to add value, and I personally feel gratified knowing that my clients are saving on their foreign exchange transactions.
What would you like potential clients of VBCE to know about the business?
VBCE account executives have a combined 150+ years of experience in the industry. VBCE is regarded as professional and competitive from a pricing and service standpoint amongst peers in the industry. Many wealth managers, private banking and high-net-worth divisions refer their clients to VBCE, knowing they are in good hands.
At VBCE, we are here to help
We would like to extend our sincere gratitude to Steve for taking the time to share his insights and experiences with us today. This spotlight interview sheds some light on the vital role that traders play in the success of our company and how helping clients is a core value we have at VBCE.
We pride ourselves on the professionalism of our team and the expertise of our traders. By getting to know our traders and their dedication to their work, we hope that our clients will trust that they are in good hands and feel confident in the investment decisions we make on their behalf.
If you’d like to contact Steve Brown about your business or personal currency exchange needs, email us at info@vbce.ca.