Bank Of America Plans Expansion Of FX Market-Making In London
BANKS
Bank of America plans an expansion in foreign exchange this year in the wake of last year's turbulent markets, say executives.
"The events of last year increased the day-to-day volatility in the market and increased the spread on currencies, leading us to the conclusion that there were better revenues to be made out of the market-making business," says Paul Chappell, treasury director of the bank in London. The recent improvement in the bank's credit rating should be a help in gaining new
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