Carr Futures to close London FX

Having one 24-hour desk will allow us to better consolidate our customer coverage and improve efficiency," said a spokeswoman in New York. She declined to comment on the number of jobs that would be cut in London, but market sources expect all London forex dealers, which total about five, to leave the broker. The nine-strong foreign exchange desk in New York, managed by Max Smith, head of forex, and Marc Schultz, head of forex sales, will remain unchanged.

Market sources said the move is likely to be connected with parent bank CAI’s expected merger with Credit Lyonnais, and part of an effort to co-ordinate and streamline the banks’ businesses. Some sources doubt Carr Futures will continue as a standalone unit post-merger. "It depends whether or not Credit Lyonnais wants to go into investment banking or if it wants to streamline and cut costs and concentrate on the core business," said a source close to the bank.

The spokeswoman said the decision was "purely a Carr Futures decision", adding that there is no definite information relating to a merger at this stage.

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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