LOOSE CHANGE

LOOSE CHANGE

In an update of its group strategy, Exco recently announced that it is combining its New York securities and moneybroking activities into a new single, integrated operation, and is similarly laying down an up-to-date technological infrastructure in its London offices. Furthermore, Exco explains that it has reduced its broking of spot FX to "those areas where we have a strong and profitable base in localized markets". Less than 6 per cent of Exco's employees now work in this product and the