Tokyo Volume Drop Hits Foreign Banks But Midland, UBS Plan Expansion

BANKS

Declining trading volumes in Japan have hit many FX desk profits hard--particularly those of foreign banks, some say. But despite the pain, a number of foreign banks continue to expand in Tokyo, notably Midland Global Markets (MGM) and Union Bank of Switzerland (UBS).

"Tokyo is driven more by corporate turnover than London or New York and there has definitely been a decline in turnover," says Stuart Gulliver, treasury director for Midland in Tokyo. Unlike other markets, he says, where volumes of

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