KBC Moves London Spot FX to Brussels


LONDON--KBC Bank has closed its spot foreign exchange desk in London, as part of a move to centralise treasury operations in Brussels.

All traders were offered the opportunity to transfer to the bank’s Belgium headquarters, but only one member of the seven-strong team will make the move. The other six spot traders are to leave the bank, confirms a KBC source.

Chief dealer Tom O’Connor will stay at KBC’s London office, and the bank will continue to maintain an FX sales force in the centre.