Special FX

1 September 2010 By Nicholas Paisner

Foreign exchange trading provided the industry with a muchneeded boost this year. As well as smoothing earnings volatility, the business looks a relative winner in a tougher regulatory climate. Even if secondquarter performance isn’t repeated soon, forex has a lot going for it.

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The Bank for International Settlements (BIS) said on Sept. 1 that turnover in the global foreign exchange market was 20 percent higher in April 2010 than in April 2007. Average daily volume in the latest period was $4.0 trillion.

53 central banks and monetary authorities participated in the bank's eighth triennial survey.

CLS Bank, which settles over three quarters of interdealer currency trades, said on June 1 that it had settled a record 900,000 trades in one day. The total value settled was $5.7 trillion.

Deutsche Bank said on July 27 that it had a record secondquarter result in foreign exchange.

HSBC reported foreign exchange revenue of $1.51 billion in the first half of 2010. Barclays said it that it made topline forex income of 428 million pounds ($670 million) in the first half, while Standard Chartered reported revenue of $646 million.

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