Yamaichi bank to close gilts operation

Yamaichi bank to close gilts operation

Yamaichi, the Japanese bank, is to close down its gilt-edged market- making operation on Monday with the loss of six jobs. While it has been building up its London-based international bond dealing operations in the past few years, Yamaichi's European arm, after losing money last year in gilt-edged market-making, concluding that profitability was falling steadily, as the privileges associated with GEMMs are eroded by the new open repo market.