Chapdelaine Cuts Staff Sharply FX Broker Unit Turns To Forwards

With the cost of operations rising and commissions dwindling, Chapdelaine Corporate Securities & Co.'s foreign exchange brokerage division, which opened its doors just over a year ago, cut its staff sharply last month, in what some say is the first step toward a complete shutdown.

Chapdelaine senior vice president Tim Rooney says the broker reduced its staff by eight last month, from 20 to 12, but he does not expect that there will be any further cuts. "We're just going to maintain the people we