Keith Underwood is an experienced Foreign Exchange (FX) expert witness with 25 years of trading and portfolio risk management experience. He is an expert in market practice and in the institutional structure and widespread trading strategies commonly employed by sales and trading professionals. He has successfully managed spot, forward, option, and NDF traders throughout the world.
As an FX derivatives specialist, Mr. Underwood has successfully assembled and managed client-led FX businesses on a regional and global basis for US investment banks and European commercial banks. He is presently the founder and CEO of Underwood FX Consulting LLC in New York. The firm provides FX litigation intelligence and support, strategy and risk management consulting, and audit and compliance assistance. He is a dual citizen of the United States and the United Kingdom.
Prior to founding Underwood FX Consulting LLC and joining Bates Group, Mr. Underwood has had a wide range of domestic and international experiences which have equipped him to develop into the expert he is today. Mr. Underwood began his career as a Junior Trader with Morgan Stanley, a company which provides wealth management, investment banking, capital markets, and research to their clients. From there, he transitioned into the role as Executive Director, European Head of FX Options at Lehman Brothers International where he established and elevated Lehman Brothers European FX options trading to a top five position globally, and increased the institutional client business exponentially. Additionally, he coordinated and guided PhD sponsorship programs with Imperial College in order to train and develop quantitative talent, and analyzed and evaluated multiple risk management systems for the global FX derivates business.
Mr. Underwood was later given the opportunity to become the Global Head of FX Derivatives at Credit Agricole. Through this position, he transformed trading, quantitative research, and structured teams to deliver customer focused and franchise led product offering, building to €70mio revenues, tripling volumes, and expanding product suites 5 fold. Additionally while working with Credit Agricole, Mr. Underwood developed and deployed in-house pricing system to global sales and trading teams with STP functionality, term sheets, scenario analysis and client suitability matrix.
After pursuing his MBA at the University of Colorado in Denver, Mr. Underwood accepted a position as Managing Director, Global Head G7 Exotics, Head of FX Trading London & NY where he directed and coordinated FX spot, forwards, options, and NDF trading teams, instituted pricing parameters for exotic options structures, increasing incremental sales by 40%, and established NY Latin American rates and FX trading joint ventures to capitalized on expanding global sales network. Mr. Underwood was then provided with the opportunity to become Managing Director, Head of FX Americas with Lloyds Banking Group. Through this experience, Mr. Underwood directed and coordinated trading desk priorities to facilitate customer risk management objectives by providing pricing of FX spot, forwards, options and NDF’s. Additionally, he was the accountable executive for a successful Murex North America trade repository implementation project which enabled scaling of the business in order to accommodate electronic dealing of spot and forward. Mr. Understood also developed and implemented a zero tolerance framework for continual assessment and control of third party chat rooms, and achieved fully compliant status of annual review of desk policies and procedures, trade mandates, and AML/KYC training.
Underwood FX Consulting LLC, CEO and Founder, 2015-Present
Lloyds Banking Group, Managing Director, Head of FX Americas, 2011-2014
FX Risk Advisors LLC, CEO, Head of Strategy and Risk Analysis, 2009-2011
Standard Chartered Bank, Managing Director, Global Head G7 Exotics, Head of FX Trading London & NY, 2005-2009
Credit Agricole, Global Head of FX Derivatives, 1998-2002
Lehman Brothers International, Executive Director, European head of FX Options, 1989-1998
Morgan Stanley, Junior Trader, 1985-1989
Executive Committee – Dispute Resolution Group, 2015 to Present
University of Colorado, Denver, CO, Executive MBA, 2005
Syracuse University, Syracuse, NY, BA, Economics, 1985
ACI America – The Financial Markets Association, New York, NY
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