Our summer of discontent

Volatile times for FX traders

kevin-rodgers-deutsche-2009
Kevin Rodgers, Deutsche Bank

Foreign exchange trading desks endured an unusually chaotic start to August last week as both the Swiss National Bank and the Japanese authorities took action to stem the dramatic appreciation of the Swiss franc and the yen, creating a challenging environment for banks and investors.

August 4 saw a record trading day on interdealer broker Icap’s EBS spot-trading platform, with $405.97 billion traded in a single day, constituting its third largest day of all time in terms of value traded. On the

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