UBS Concentrates Swiss Franc In Zurich As Part Of Centralization
BANKS
Union Bank of Switzerland (UBS) is concentrating its London-based Swiss franc spot trading in Zurich under Marco Mugida, as part of the bank's previously announced plans to centralize its European FX trading and sales, says Daniel Schwitter, global head of currencies (FXW, July 1).
Schwitter calls the decision "a cost-cutting exercise". "Market making activities in the FX market are not as profitable as before and there is not much incentive for banks to trade currencies in more than one centre
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