New York and Singapore

©2019 by Makro Intelligence LLC


Douglas C. Borthwick

Trader, Strategist, Entrepreneur

With a strong background trading interest rates and FX, building successful businesses, managing traders, back office and middle office staff, and presenting cutting edge research to global audiences, my path shows an ability to read markets and present them to external audiences in a unique way using my strong relationships in the macro and media world.


Traded and led the Asian NDFs and G10 Forwards business for Morgan Stanley.

Consistently the highest producing trader on proprietary positions. Traded successfully through the Asian Crisis.

Ran Merrill Lynch proprietary trading, then led the Latin American options and NDFs business for Standard Chartered.

At Standard Chartered created a business to show pricing in Latin American NDFs overnight to Asian Clients,

hedged through similarly correlated crosses. Marketed the business throughout Asia.

Created the NDFs arbitrage business at Faros Trading, adding a new level of profitability.


Called the last major intervention the night before it began in USDJPY, live on CNBC with Simon Hobbs.

A weekly commentator on Bloomberg TV with Pimm Fox, Kathleen Hays and Sara Eisen throughout the European Debt Crisis,

calling S&P's downgrade of the US.

Spoke at Yale and Brown Universities with Romano Prodi (Ex PM of Italy, and President of the European Commission) and Alfred Gusenbauer (Ex Chancellor of Austria) discussing the EUR/USD, taking the position it would not drop through parity.

Called the Trump victory and Brexit, with the WSJ noting both.

Called the weak dollar policy of Donald Trump with Jim Cramer as a member of his monthly Round-table.

Consistent writer for Kate Welling (Barron's Round-table) on Macro issues, primarily focusing on China's relationship with Europe.


Grew the Morgan Stanley forwards and NDF business from marginal to exceedingly profitable.

Founded the Latin American NDF pricing to Asia model for Standard Chartered.

Built startup agency FX firm Faros Trading from startup to its ultimate sale.

Founded Chapdelaine FX under the TP-ICAP umbrella,

adding to voice brokers' capabilities with e-trading and created the trading desk, back office and middle office from scratch.