FX Markets

UBS Shuts Night Desk In New York, Pietra Goes To Chemical In Tokyo

BANKS

The New York office of Union Bank of Switzerland (UBS) closed its extended trading hours desk in New York about two weeks ago because "they did not have enough [corporate] business to support the operation," a source familiar with the bank says.

However, a source within the bank says, "we closed the operation temporarily because one of the two people who worked on the desk resigned and we will restart the operation when we add several more people."

That comment refers to the recent departure of

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