Smith Barney Shearson To Establish London Foreign Exchange Operation

NON-BANKS

U.S. broker-dealer Smith Barney Shearson has hired Lehman Brothers London chief dealer Martin Marx to start up a foreign exchange operation in London, Marx confirms. Marx, who joined Smith Barney at the beginning of this month, says he hopes to get an eight-strong desk up and running by March 1.

According to Marx, London will be the "third leg of the stool" for Smith Barney, which already has 24-hour FX desks in New York and Hong Kong. "In building up London, we will be helping to provide

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