Carr Futures to close London FX

Carr Futures, Chicago-based institutional brokerage firm and part of Credit Agricole Indosuez, is closing its London foreign exchange desk on June 1 to form one 24-hour desk in New York, Risk's sister publication FX Week reports.

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.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

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

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here