Bear Stearns' Opens FX In London Undergoes Black Wednesday Baptism
BROKERS
In what can be best described as baptism by fire, Bear Stearns opened its fledgling foreign exchange trading operation in London last month. The U.S. investment bank began trading in early September, specializing in EMS crosses, just before the European Monetary System (EMS) descended into chaos. "Let's say we survived," says Bear's London foreign exchange director, Robert Smith.
Smith and three colleagues were hired as a team from Compton Finance, a private fund manager, at the beginning of
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