Merrill Lynch reports record quarter

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Chief financial officer Ahmass Fakahany said FX had had a "record quarter", speaking in an investor’s conference call following publication of Merrill’s latest financial figures last Tuesday.

The bank said it could not give more specific information regarding its forex earnings, but revenues from its Global Markets & Investment Banking unit, which includes forex, were up 88% year-on-year to $1 billion in Q3.

This improvement comes after a two-year period of investment in forex at the US inves