Credit Suisse moves spot FX desk to Zurich from London

LONDON, Jan 30 (Reuters) - Swiss bank Credit Suisse CSGN.VX is in the process of moving its foreign exchange spot trading desk to Zurich from London, the bank said on Wednesday.

The team, which is thought to consist of around 10 people, has already started moving to Zurich, though it is understood that many of the desk will leave the bank.

There is still a spot trading presence in London while the transition takes place, a bank spokeswoman said, though she could not say when the process would be complete.

“A single spot desk will be more powerful in the market, allow us to improve our margins and to concentrate our flow,” global head of foreign exchange Gael de Boissard said in an internal memo seen by Reuters.

“In time, we will deliver better service to our clients and increase our measured and disciplined risk taking.”

The memo said the bank will explore relocation opportunities for London-based team “where appropriate” while other foreign exchange functions such as sales and options trading will remain in London.

The move to reduce headcount in London comes after Swiss counterpart UBS UBSN.VX moved its trading operation to Zurich from London in 2006 and Standard Chartered moved much of its foreign exchange capability to Dubai last year.

London is by far the largest centre for foreign exchange trading, accounting for a third of the $3.2 trillion-a-day average turnover, according to the Bank for International Settlements. (Reporting by Simon Falush, editing by David Christian-Edwards)