CIBC London To Start Trading SAFEs As Forward Trading Activity Fades
BANKS
In response to the decline in forward trading, the London branch of Canadian Imperial Bank of Commerce (CIBC), is developing a derivative desk that will feature Synthetic Agreements for Foreign Exchange, or SAFE products as they are commonly referred to.
"We would like to be at the vanguard of derivative products in Canadian dollars here in London," says Michael Cornford, CIBC's European treasurer.
Cornford suggests that as banks shy away from dealing in the more traditional forward markets
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