Banks move in on Boston

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BOSTON -- Bear Stearns and Royal Bank of Scotland are among the international banks setting up forex sales desks in Boston, taking advantage of the centre's established pensions and mutual funds client base, market participants have told FX Week.

David Schoenthal, head of FX at Bear Stearns in New York, said he expects to have three FX sales dealers in Boston by year-end, working alongside the bank's existing fixed-income team there.

"We want to cross-sell the relationships that we have on the