(10 September 2019 – Australia) Goldman Sachs is looking to re-enter the FX market in Australia with the bank said to be re-opening its trading desk in Sydney.
A driving force behind the bank’s decision is the increase in locally managed savings through the growth in superannuation funds.
“Australia and New Zealand clients are representing an increasing proportion of regional FX flows,” the source said to FX Week, adding that the Sydney time zone is well suited to covering global clients during Asian hours.
It is understood that the firm is relocating Scott Sloman from Hong Kong. Mr Sloman has been with the bank since 2017.