Nikko Bank Closes FX In London

NEWS

LONDON—The forex division at Nikko Bank in London closed last week, putting some veteran market names out of a job.

Its parent group, Nikko Securities, continues to wind down its international operations. Nikko has decided to concentrate on the securities side of the business, says a spokesperson in Tokyo.

Since the merger with Salomon Smith Barney last year, Nikko’s focus has moved away from foreign exchange, says one trader at a Japanese bank in London.

Roger Guest, head of FX at Nikko, was one o