Bank of Bermuda Centralises FX Trading In Luxembourg To Reduce Trading Risks

PEOPLE NEWS

LUXEMBOURG--Bank of Bermuda has centralised its European foreign exchange operations in Luxembourg to reduce trading risks, says the bank’s European and Middle East treasurer, Claude Noesen.

He told FX Week the bank has adopted the "hub-and-spoke" organisation model with interbank FX trading based in one centre. Sales teams remain in regional offices to service local clients.

He and Peter Byrne, the new global head of treasury products, believe the move has a range of advantages for the bank.