FX Week

Mellon Exits London Interbank FX Market But Leaves Corporate Advisory Team Intact

BANKS

In an attempt to redefine its role in the European foreign exchange market, Pittsburgh-based Mellon Bank closed its interbank foreign exchange trading desk in London last week, but left its two-man corporate advisory team intact.

"We did not see, given present market conditions, that foreign exchange trading [in London] would be a significant contributor to profits at the bank," says John O’Driscoll, a general manager at the London branch.

Those affected by the decision were its treasurer, Kei