About us

Forex Consulting is an independent specialist FX, treasury and risk management consultancy, founded by Kelvin Jouhar. We can assist companies and investment firms of all sizes. Our specialist services extend to any financial transaction that includes a foreign exchange element, but please also contact us for any interest rate or commodity exposure enquiry, as we work with trusted partners who are experts in those fields.

We can draw on the vast amounts of practical experience of many different consultants, depending on the nature of the project.

  • We do not execute deals.
  • We do not hold client money.
  • We do not have any affiliation with any financial institution.

There will be no conflict of interest when our opinions are given.

Kelvin Jouhar – Principal

Kelvin started his Foreign Exchange trading career with Midland Bank (now HSBC) in 1981 where he was a spot trader. In 1983 he was a founder member and manager of the FX options trading desk. In 1987 he joined Banque Indosuez in New York as Head of FX options, taking over the role from Nassim Taleb. In 1988, Kelvin returned to London as desk manager at the newly formed FX options broking desk at Tullets. He spent the following 3 years building the team and training the brokers to become the most profitable desk in the company.

In 1991 Kelvin resumed his trading career at Morgan Stanley where he spent the next 8 years as a Senior FX options trader in a global team of 7 people. In 1999 Kelvin left Morgan Stanley to form Derivative Risk Consulting, an advisory firm providing services to financial institutions. His first assignment was with Morgan Stanley where he spent 6 months working on a new global risk management system for the FX business.

In 2000 Kelvin worked with Halifax Bank to write the business case for the newly formed bank to develop a foreign exchange trading business, and when this was agreed at board level he joined the bank as an employee. For the next 9 years Kelvin developed the FX desk at HBOS to include an FX options team, and a currency overlay program that managed the FX exposures of the bank’s balance sheet, and the revenues of the overseas offices.

After the takeover of HBOS by Lloyds Bank, Kelvin managed a team of FX traders. When he left Lloyds he joined Marex Financial in 2012 to develop the FX options customer activity.

Kelvin is passionate about finding solutions to problems – if he does not know the answer, he is sure to know a person who does.


Neil Smith – Associate

Neil started his career in Lloyds Bank over 30 years ago, and has specialized in trading and risk managing a diverse range of currencies, and has also managed and developed teams of traders during that time.

 Neil has extensive experience of working in different global centres for Lloyds Bank (notably New York and Sydney), gaining valuable market knowledge of different cultures and practices

Most recently Neil has specialized in expert witness testimony and analysis, working as part of a team advising on a commercial case, requiring in-depth knowledge and expertise of the FX market.


Ashraf Agha – Associate

Ashraf has almost 25 years cash management and treasury experience including 8 years as Head of Treasury in Saxo Bank (2000-2008) where he was responsible for liquidity management, hedging of FX exposures, compliance / AML screening and reporting, short term investments, funding, sweeping and cash pooling, cash management & SWIFT administration.

In 2008 he was Co-founder and Executive director of CFH Markets, accountable for all operations including back office, risk management,  liquidity, payments & cash management, end of day processes & bank relations

Most recently, between 2011 and 2014, Ashraf was COO of the Foreign Exchange business at Marex Spectron with responsibility for business development & strategy, liquidity, execution, designation notices, prime brokerage, clearing, margin management & regulatory issues.