J.P. Morgan Closes Toronto Spot FX But Maintains Sales And Swaps
BANKS
J.P. Morgan & Co has closed its Toronto spot foreign exchange trading desk this month, moving its two spot traders to New York, which will now be the bank's center for making prices in Canadian dollars, according to sources close to the bank. But Morgan is maintaining its Toronto FX sales and swaps presence, these sources say. Officials at the bank's headquarters in New York declined comment.
The move is a departure for Morgan, which has built its foreign exchange strategy around an elaborate
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