LOOSE CHANGE

Midland Bank closed its Paris forex market making operation last month, keeping a sales operation in the French capital. Says treasury director David Clark, "There was not much turnover and it was getting smaller and smaller." The office will now concentrate on options, futures, and swaps business coming out of Paris, although the global derivatives books will continue to be run out of London, says Clark. Midland had a staff of some nine traders in Paris who have now been laid off. A couple