FX

Slumping revenue masks FX’s rising profile in fixed income

FX has been quietly growing in importance to banks' giant fixed income trading desks in recent years

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Photo: Getty Images/iStockPhoto

Foreign exchange has had a rough start this year.

According to research firm Coalition’s index tracking major banks’ trading of G10 member currencies, revenues in the first half of 2017 fell year-on-year by more than a fifth. Yet a broader view reveals a surprising trend within the fixed income, currencies and commodities – or FICC – sales and trading revenue pool: FX has been quietly growing in importance.

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