Commercial Bank Of New York Finds Foreign Exchange Niche

BANKS

As the interbank market becomes what some market participants call the land of the giants, banks with more modest operations are focusing on niches in the foreign exchange market that large banks overlook. The Commercial Bank of New York (CBNY), which has just two foreign exchange traders, has taken its cues from the private banks that populate Europe, and is focusing on serving small to middle sized companies and high net worth individuals.

Jacob Berman, president of CBNY, says the strategy