Nomura FX business will keep own identity

The foreign exchange business at Nomura will retain its own distinct identity, despite the creation of a new global macro products group in July, which is meant to bring together rates and FX on a single platform.

The new group is still bedding down, says Steve Ashley, global head of macro products in London – but the day-to-day operations of the forex and fixed-income teams are likely to remain separate. Instead, the combined group will look for areas of efficiency between FX and rates – likely