UBS closing London forex trading

The bank confirmed it is moving its risk management and cash collateral trading business (FXCCT) on August 1. The division includes FX spot, derivatives and emerging markets trading. UBS said the decision was made to maximise efficiency. In Switzerland it will form a single central time-zone risk centre for Europe.

The client-facing part of FXCCT, currently based in London, will remain in the City, the bank said.

"The move makes sense because the technology and operations hub is in Zurich, a