FX Week

State Bank Of Victoria Shuts Down N.Y. FX Desk Cites "Overserviced" Market, Retrenchment

BANKS

The Australian-owned State Bank of Victoria (SBV), with total assets equivalent to $20 billion, shut down its foreign exchange trading operation in New York on Friday in what is being termed a "strategic decision" by senior management.

Commenting on the demise of the foreign exchange group, Craig McMarron, the general manager of the New York office, says "the market is obviously overserviced, and being a small state-owned Australian bank, we just didn't have the natural flow of business."

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