Oppenheimer Shuts FX Trading Business In Cost-Cutting Move

NON-BANKS

Oppenheimer & Co. has shut down its roughly 10-year-old foreign exchange trading division of 12 dealers in New York and Chicago, confirms an official. The operation, which was purely a proprietary business, traded in both the futures and over-the-counter markets.

"We're looking at the company's overall business with an eye to controlling costs and company's feeling was that this was not really a core business of ours," says John Ryan, senior vice president and director of corporate

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