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Girozentrale Exits London Interbank FX Market 10-Year Operation Falls Victim To Streamlining

BANKS

In an attempt to streamline operations, Austrian-based Girozentrale und Bank der oesterreichischen Sparkassen AG (Girozentrale), discontinued its foreign exchange and money market trading operations in London on November 14.

"We're transferring the interbank business to Vienna and New York," says Roderick Chamberlain, general manager of Girozentrale's London branch. Girozentrale's London branch has had an active foreign exchange trading operation since 1979.

Although Chamberlain says that the

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