Long-Term Credit Bank Of Japan Consolidates Proprietary Trading

BANKS

TOKYO--The Long-Term Credit Bank of Japan is restructuring its global FX operations in London and New York and is moving all of its proprietary trading operations to Tokyo, officials confirm.

The majority of the bank's computing and research systems are based in the bank's 24-hour trading room in Tokyo, so sources say the concentration in Tokyo was driven by a desire to create cost efficiencies.

An official at the London office says that three FX traders are being made redundant and two expat