Global banks compete for growing forex business
London: Sharp currency moves and a dollar slump have prompted many retail investors to turn to foreign exchange to yield returns in troubled markets.
The world’s largest banks are looking for a wider margin than the razor thin spreads available from interbank trade.
Volumes in foreign exchange trading are huge, averaging around $3.2 trillion per day, according to the Bank for International Settlements. But the majority of this trade is carried out by banks and brokerages.
The sharp fall in the dollar has provided valuable trading opportunities for investment banks.
One of the biggest players in forex trading, Citi, a top three player in the FX market, announced a week ago that it was teaming up with Copenhagen-based online trading bank Saxo to offer its clients currency trading.
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