Yamaichi Winds Downs UK Treasury Operation; FX Market Should See Little Impact From Closure

BANKS

Yamaichi Bank is shutting down its London-based treasury operation in the wake of the recent announcement of the closure of its parent company Yamaichi Securities, confirms a bank official. The bank will wind down FX and other trading in London within the next two to three months.

Yamaichi plans to let go its roughly five-strong FX trading and sales team in London; however, John Masters, UK treasurer, will remain at Yamaichi for the next few months until the bank officially closes or is sold,