LOOSE CHANGE
LOOSE CHANGE
Portugese-based Banco Fonsecas & Burnay is now trading currencies in New York and has hired Paul Sullivan as senior FX dealer. Sullivan was previously with Banco Espirito Santo e Commercial de Lisboa E.P. in New York. Fonsecas, which has been a player in the money markets in New York for six years, just started trading foreign exchange in May, sources there report. One of the only European banks to jump into the FX fray in recent months, Fonsecas only trades on a speculative basis. "We have no
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