Standard Chartered Bank has downsized its FX team in New York by three spot traders and one forward dealer. Two of the spot traders covered major currencies, while one focussed on emerging markets.
According to an official, the cuts were a consequence of the “natural progression” of the markets. “We are always adjusting and looking at the marketplace in terms of how we fit in. Our downsizing was, to some extent, a result of the behaviour of the market and market liquidity in New York. If you look around the marketplace, particularly in spot, large spot desks are something of the past. We are niche players, so emerging markets is where we will continue to focus,” the official says.