September - The forex credit crunch

The growing importance of credit ratings in FX bank-to-customer relationships became clear in September, after a rash of major banks’ downgrades.

"If you’re not an A-rated institution, then a lot of counterpart business is closed to you," said one FX sales head at a US bank in London.

Risk concentration

The concentration of risk as a result of banking consolidation had aggravated the situation. And as it crystallised towards the end of the year, one market participant summed up the growing

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