What are the closing times for London forex desks?

[TRADERguy]

Does anyone know what time the forex desks in London close? Do they all close at the same time? Also, on days like today with the Fed minutes coming out at 19:00 London time, do they stay open? Just curious and wondering if the close corresponds to price movement. Btw- I’m referring to desks at banks that trade the interbank market and not what time everybody’s dealing desk at retail forex and spreadbet outfits close.



Cheers,



TRADERguy

 

[Hayek]

I did chat with a rep from Saxo Bank (an investment bank) and he said if they expected there would be a very important event at night (GMT+1 for Denmark, his time zone) they would have some guys to work beside the trading desk then. And if you could recall what happened to USD/JPY during those days from the end of Feb to the beginning of Mar this year when BOJ brutally intervened, you should also recall that the intervention happened just at Japan's night.

So, if financial institutions want to do something in the market, they will do it 24/5. However, I don't think London's institutions will always continue to work after 17:00 local time. It is because not always there is a 'very important event' after they are off duty, actually seldom. For example, I don't think the content of Sep's FOMC minutes is that important. Whether or not an institution will work at night depends on its trading objective and what will happen at night.

 

[Chris Hood]

Saxo is retailer, not investment bank

Prior post missed TRADERguy's question. Saxo is a FX retailer and options writer, not an investment bank.

 

[TRADERguy]

Thanks GJ.