Low volatility driving FX turnover down, says Bank of England FX chief

Michael Cross speaks at FX Week Europe

The gradual decline in volatility in the foreign exchange market is making it more difficult to profit from FX, which is consequently driving turnover down in all the major financial centres, according to a senior official at the Bank of England.

Speaking in a keynote address at the FX Week Europe conference in London this morning, Michael Cross, global head of FX and reserves management at the Bank of England, outlined a number of factors that have contributed to a reversal in the year-on-year