Lloyds TSB Financial Markets is establishing a 24-hour foreign exchange trading operation at its headquarters in London.
The bank says that by centralising its market, credit and technology risk in the one centre it will provide FX trading customers with a seamless single point of service.
Jeremy Hodges, head, specialist FX, Lloyds TSB, says over the last 12 months the bank has increased the number of FX customers is serves both in the UK and internationally which has created increased demand for worldwide FX capability.
"The move will offer customers an enhanced trading platform from a secure London base using London infrastructure," he says.
To man the new desk, Lloyds TSB has hired Ronnie Steadman as FX sales manager, 24 hour trading. Steadman previously spent over 13 years at Credit Lyonnais Rouse. The bank has also appointed Gary Dyer as foreign exchange manager. Dyer joins from hedge fund FX Interest and will report to Adrian Hill, senior manager, foreign exchange. A third FX sales management role is expected to be filled imminently.