Commercial banks set to dominate FX trading yet again
Proprietary trading activity comes under pressure
The commoditisation of currency trading is pushing regional banks with strong client franchises back to the forefront of FX trading, as they increasingly look to differentiate their services rather than chasing volumes and relying on proprietary trading, market participants say.
In the 1990s, currency trading was dominated by banks with strong commercial flows, while investment banks had only a small role in FX. But over the past 20 years, proprietary risk-taking and electronic trading have
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