Morgan Guaranty Shifts Asian FX Unit To Singapore From Hong Kong

BANKS

J.P. Morgan & Co. will next month close the forex trading operation of its Morgan Guaranty Trust Co. unit in Hong Kong and relocate it to Singapore. The move will focus the U.S. bank's Asia/Pacific FX trading operation in Singapore, where it will join a growing number of FX market participants.

The bank will transfer about four sterling and sterling-cross dealers to the new location, according to a spokesperson for Morgan Guaranty Trust, the Singapore branch of J.P. Morgan.

The J.P. Morgan gro