Online electronic trade finance company LTP Trade has reorganised its operations, leading to closure of its foreign offices.

Richard Tull, recently posted to New York, remains a director (non-executive) of the firm. He will be staying in the US. Dinsh Guzdar, hired in the US by LTP in January 2002, will continue to sell LTP products.

Andrea Spedo has been let go. He was head of bank relations. So have David Jones and Trevor Utting and Jan Buchacz from the research department.

LTP has had a meteoric rise, but perhaps has had to regroup to meet the present market environment. Agribusiness giant Monsanto is the latest US company to start working with LTP to explore how the firm’s technology solutions can assist the US group to identify more trade finance support for its overseas sales.

Over 230 trade finance institutions use LTP for sales leads and solutions.