EPISODE #4

Bridging Technology and Banking:
A Conversation with Sean Durkin

4th November 2025 - 44 min 51 sec

In this episode of Caplin Connects, John Ashworth, CEO of Caplin, speaks with Sean Durkin, Director of EFX at First Citizens Bank, about his journey from software engineer to leading electronic trading initiatives in banking. Sean reflects on career lessons from early roles at FSS Spectrum, Charles River, and Silicon Valley Bank and shares insights on implementing FX technology, balancing client needs across segments, and integrating platforms post-acquisition. The conversation covers the evolving role of humans in an AI-driven trading world, the importance of holistic client relationships and the strategic priorities shaping the next 18 months in EFX.

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Automation, Client Experience and FX Trading Platforms

In this episode of Caplin Connects, John Ashworth, CEO of Caplin, speaks with Sean Durkin, Director of EFX at First Citizens Bank, about the practical realities of building and operating FX technology inside a modern banking environment.


Sean’s career sits at a junction that many banks still struggle to design for. He has spent time building systems, implementing them inside front-office environments, and then living with their consequences in client conversations. That perspective shapes how he thinks about electronic FX, automation, and what actually matters as markets continue to digitise.


Throughout the conversation, Sean resists abstract narratives about innovation. Instead, he repeatedly returns to a grounded question: what problem is the technology meant to solve, and for whom? His answers are shaped less by architecture diagrams than by years spent watching how clients behave when systems work well, and when they do not.

FX Platforms and the Role of Technology in Client Workflows

Sean’s early experience in financial software exposed him to a wide spectrum of client use cases, from regional banks running end-to-end platforms to institutions integrating only specific components into much larger stacks. That variety left a lasting impression. Even when systems are technically sound, he observed, they often fail because different stakeholders are optimising for different definitions of “correct”.


In margining and valuation workflows, he recalls situations where teams became absorbed in theoretical precision, even when the system itself was designed as a proxy rather than a definitive pricing engine.

... CONTINUED

The lesson was not that accuracy does not matter, but that context matters more. There are moments where “close enough” is operationally appropriate, and others where it is not; the challenge lies in knowing the difference and designing accordingly.


This sensitivity to context continues to shape how Sean approaches FX platforms today. He is sceptical of one-size-fits-all solutions, not because they lack sophistication, but because client needs rarely align neatly with product boundaries. Systems that force every user into the same workflow tend to push complexity outward; onto sales teams, clients, or operational staff who then have to explain exceptions after the fact.

Automation and Disintermediation in FX Trading

“Disintermediation in general has been a big theme of the world for the last ten years, but that’s a two-way street. I’m sure we’ve all had that life experience where you’re trying to get some basic need and your call is routed through a system, and you just want a human. That’s technology being used in a way that doesn’t actually make the client happy.”


Sean’s view of disintermediation is notably balanced. He recognises the gains that automation brings, particularly for simple, repeatable workflows. At the same time, he is clear that removing humans from the loop does not automatically improve outcomes.

He draws a parallel with everyday service experiences, where digitisation can either resolve an issue instantly or leave customers trapped in scripted interactions that feel more mechanical than helpful. The same dynamic applies in banking. Some FX activity benefits from automation precisely because judgment adds little value; other situations demand explanation, reassurance, and accountability.


Disintermediation, in this sense, is not a linear progression toward fewer humans. It is a design challenge about where judgment belongs. Automated tools can assemble information, surface patterns, and accelerate execution, but they do not remove the responsibility for deciding when to act. That responsibility still sits with people, even if systems obscure it.

Fit for Purpose, Not Feature Complete

A recurring theme in Sean’s thinking is the importance of fit-for-purpose technology. In his current role, most clients are not approaching FX as a trading activity at all.

“Most of our clients aren’t thinking about FX as FX. They’re thinking about running their business. If they’re making a payment, they don’t want to know about price refresh or market structure; they want it to be simple, repeatable, and correct. The complexity should be behind the scenes.”


For these clients, sophistication is not an advantage. Seamless execution, reliability, and transparency matter far more than granular control. Other clients, often a smaller but influential segment, actively trade across multiple banks and venues and expect competitive pricing, connectivity, and speed. Designing for both groups does not mean building separate platforms; it means offering different workflows within a single framework.


Sean emphasises that clients should not need to understand how FX is delivered internally. From their perspective, what matters is that pricing is appropriate, execution is consistent, and service is aligned with their broader relationship with the bank.

Holistic Relationships and Economic Reality

Sean is candid about the tension between transactional economics and relationship value. Some FX trades, viewed in isolation, may not appear attractive. Yet when considered within the context of a broader banking relationship, they make sense.


This is not about complacency or exploiting captive clients. Rather, it reflects an understanding that FX is rarely consumed as a standalone product. For many clients, it is one component of a wider set of services, and pricing decisions must reflect that reality.


Sean describes this as a competitive advantage rather than a compromise. Institutions that operate in silos may reject trades that fail narrow profitability tests. Those that take a holistic view can support clients through different stages of growth, even when FX is not the primary driver of value.


“If you just look at FX transactionally, you might say a trade doesn’t make sense. But when you look at the whole relationship, it absolutely does. Other banks might say it doesn’t work economically; we’re willing to look at it holistically.”

Accountability in Automated Environments

As automation increases, Sean places greater emphasis on accountability rather than less. Systems may route, price, and execute trades, but responsibility does not disappear into the platform. Someone still owns the outcome, particularly when markets behave unexpectedly.


“There’s no harm in using tools to collate information or surface things you hadn’t thought about, but at some point someone still has to decide to act. That responsibility doesn’t disappear just because a system is involved.”

... CONTINUED

This is where experience becomes critical. Automated workflows handle the expected; people manage the exceptions. During illiquid conditions or bespoke trades, relationships and judgment re-enter the picture quickly. Knowing when to rely on automation and when to intervene is not something that can be fully codified.


Sean frames AI and automation as tools that assist rather than replace decision-making. Used well, they help practitioners move faster; used poorly, they create distance between actions and accountability.

Why Explanation Matters More as Markets Digitise

One of Sean’s most consistent points is that digitisation increases, rather than reduces, the need for explanation. As systems become more complex, clients are less interested in features and more interested in understanding outcomes.


Whether discussing tariffs, market volatility, or changes in execution workflows, Sean describes a growing demand for context rather than prescription. Clients want to understand how developments may affect their business, not simply be sold solutions.

... CONTINUED

Whether discussing tariffs, market volatility, or changes in execution workflows, Sean describes a growing demand for context rather than prescription. Clients want to understand how developments may affect their business, not simply be sold solutions.

Integrating FX Platforms Without Losing Judgment

Looking ahead, Sean’s focus is firmly on integration. Not integration for its own sake, but rationalisation that reduces duplication, clarifies ownership, and improves the client experience. As institutions grow through acquisition, the risk is not technological fragmentation alone, but inconsistent answers to the same client questions.


For FX teams, this creates an opportunity. Integration efforts can remove friction, simplify workflows, and surface capabilities that clients were previously unaware of. The challenge is sequencing; ensuring that foundational integration happens before optional enhancements are layered on top.


Sean is pragmatic about this balance. The priority is to make the organisation coherent. Incremental improvements that benefit clients are welcome, but not at the expense of clarity and control.

Humans Still Matter, for Now

FINAL THOUGHTS

When asked about the future role of humans in trading environments, Sean avoids extremes. Automation will continue to absorb volume and routine activity. At the same time, he argues that curiosity, judgment, and emotional intelligence are becoming more valuable, not less.


Clients are better informed than they were a decade ago. Access to information has raised expectations and sharpened scepticism. In this environment, superficial relationship-building carries little weight. What resonates is credibility; the ability to understand motivations, explain trade-offs, and acknowledge uncertainty.

As Sean puts it, “There are simple, repeatable things that don’t take much judgment, and those should absolutely be automated. But when you’re in an illiquid moment, or something bespoke, relationships and judgment matter. That’s not going away.”


That distinction runs through his entire worldview. Technology reshapes how markets operate, but it does not remove the need for accountability, explanation, or trust. For institutions navigating the next phase of electronic trading, that may be the most important design constraint of all.


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Adapting Through Change: Keith Hill on Technology, Markets and Career Growth

1st December 2025 - 41 min 26 sec

In this episode of Caplin Connects, John Ashworth speaks with Keith Hill, Industry Veteran, about his journey to becoming a key figure in the evolution of eFX trading. Keith reflects on running his family’s business before landing on Goldman Sachs’ fixed-income desk during the Big Bang era. He traces his progression through JP Morgan, his move into emerging markets in Mexico and New York and his pivotal role in the creation and growth of multi-dealer platforms such as Currenex, Atriax and FXall. Keith and John also explore the cultural battles between voice and electronic sales, the rise of algos and TCA and why single-dealer platforms have re-emerged as strategic differentiators.

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