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Foreign Exchange

FX market round-up: JPMorgan loses three from prop team

Nick Munns, David Frist and Chris Morrison are all believed to have left JPMorgan’s foreign exchange proprietary trading desk in London.

The trio are understood to be headed across the City to Royal Bank of Scotland, which closed its FX prop desk in late November, obviously not on the basis that it was making too much money. At the time, RBS said: "We keep the structure of our business under constant review to meet the rapidly changing global needs of our customers." Rapidly changing, indeed.

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