JPMorgan has clarified its global rates and FX management team in an internal memo from Matt Zames, its head of global rates, FX and tax-exempt capital markets/municipals. Troy Rohrbaugh, who was previously head of EMEA FX trading and global head of FX options, has been promoted to overall head of global FX trading. He continues to report to Daniel Pinto in emerging markets currencies. Terry Belton is now head of global fixed income strategy and FX research, while Sikander Ilyas will manage the bank’s global hedge fund client franchise for rates and FX.