Prudential-Bache Forex Abandons Interbank Brokers Market in N.Y.
NON-BANKS
Prudential-Bache Forex (USA) will stop using interbank brokers by month-end, confirms global FX manager Gerard Cudzil. PBF has been scaling back its interbank brokerage business recently, so its full pull-back is not expected to greatly impact the brokerage community; however, sources say it could presage similar moves.
"This is an attempt by PBF to become a 'true corporate' -- as opposed to a competitor of the banks," says Cudzil. Only the New York unit is using interbank brokers, while PBF's
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