Record FX profits driven by volatility and hedging, say Deutsche and UBS
Exceptionally high levels of trading activity in the foreign exchange market during the third quarter led to record volumes at two of the biggest FX banks, according to FX business heads at Deutsche Bank and UBS.
Deutsche Bank, which unveiled its third-quarter results on October 25, reported net sales and trading revenue for corporate and investment banking of €1.5 billion in the third quarter, down 34% from the same period in 2010. But while the bank doesn't publish FX revenue figures in
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