State Street is transitioning its spot and forward foreign exchange trading from Sydney to its FX trading franchise in Hong Kong, the bank confirmed to Squawkbox on Friday.
“This decision will allow us to leverage the scale we have built in our Hong Kong office and provide our clients with a more comprehensive range of services,” a spokesperson said. “This transition will have no impact to clients, who will still continue to be serviced by their current Sydney-based FX sales trading coverage team.”
State Street says its currency options trading desk will remain in Sydney and the transition of spot and forward trading would impact a total of five employees. The company is in discussion with “some” of the five on redeployment opportunities, the spokesperson said, declining to name them.
Local market sources tell Squawkbox that two of the five impacted are being offered positions in Hong Kong.