Morgan Curtails Direct Dealing In New York EMS Currencies Affected, Illiquid Markets?


In response to dwindling liquidity and reports of narrow profit margins, Morgan Guaranty has recently scaled-back its direct dealing operations in the foreign exchange market, and no longer makes markets in a number of the EMS currencies in New York.

Sources at the bank say that Morgan will continue to quote the pound, Deutsche mark, Swiss franc and yen, but has discontinued making markets in the Netherland guilder, Spanish peseta, French Franc and Italian Lira.

According to a bank spokesman, "the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: