Hong Kong Shanghai Bank Sends N.Y. FX Options Manager To London

BANKS

Hong Kong Shanghai Banking Corp. (HSBC) sent Thomas Murphy, manager of foreign exchange options in New York, to London last week. The move, which follows the bank's decision to dismiss two of its currency options traders here, has sparked talk that HSBC plans to shut down its options desk in New York altogether. But officials at the bank, while acknowledging that the New York operation is merely a satellite of its London desk, say HSBC is still committed to the options market in New York.

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