FX Week

Nordbanken Closes International FX Trading As Privatisation Moves Take Shape In Sweden

BANKS

Stockholm-based Nordbanken has decided to close down its foreign trading rooms in the wake of an announcement of its forthcoming privatisation by the Swedish government, officials confirm. The bank will continue trading from its domestic branches, but will wind down FX and other trading in London, New York and Hong Kong.

According to John Gilmour, the bank's London treasurer, Nordbanken has already ceased trading FX in the interbank market in London and has nt-office trading staff in London,