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Foreign Exchange

NAB to close New York spot FX desk, sources say

National Australia Bank is closing its FX spot trading desk in New York, according to two people familiar with the situation.

Dave Hannigan, who was chief dealer in New York, left the bank last week, while it’s believed that two other traders also left, the sources tell EuromoneyFXNews. According to one person with direct knowledge of the NAB’s decision to close the spot desk, the bank will run its spot pricing from London, and feed it electronically through to its New York FX sales and derivatives traders, until New Zealand trading hours commence.

NAB could not be contacted for comment.

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