FX Week

Relief Comes To Midland's New York FX Desk As Hong Kong Shanghai Delays Further Purchase

BANKS

Some of the foreign exchange traders at Midland Bank's New York office are breathing a little easier these days now that Hong Kong and Shanghai Banking Corporation (HSBC) appears to be getting cold feet about increasing its ownership stake in Midland Bank, PLC.

Although some traders believe that, were HSBC to purchase a majority stake, the two banks' foreign exchange operations would be merged, others on the desk were concerned that Midland's foreign exchange trading desk in New York "would p