UBS to relocate London FX trading
UBS has confirmed long-standing rumours that it is to relocate its London foreign exchange (FX) trading operation back to Zurich. According to a spokesman at the bank, the move will affect 60 staff working in its spot, derivative and emerging market areas. The spokesman said that the relocation, which will not result in any redundancies, will also affect all front office support and IT staff. The move is scheduled to take place in August.
He added that the decision to create a single central time zone risk centre for Europe mirrors the bank’s trading structure in the Americas and Asia. The the client facing part of the business will remain based in London, “We are not saying good-bye to London,” the spokesman said. Other areas associated with fixed income, such as commodity and credit repo trading, will remain in London.