Daiwa Securities' Forex Team Joins Bear Sterns In New York

NON-BANKS

The forex group at Daiwa Securities in New York joined Bear Sterns last month, confirms Bear's senior managing director David Schoenthal. The team's manager, Ross Taylor, joins Bear as a managing director and is responsible for setting up an independent foreign exchange operation from Bear Sterns' present trading group.

Located at the 245 Park Avenue head office, but in a separate dealing room which has already been built, the new group is a customer-driven, non-proprietary unit that provides

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