Traders reap rewards in LatAm markets

Banks such as JP Morgan Chase cited Latin America as key to their forex businesses during 2002, and Citigroup -- the largest global FX provider -- is thought to have made significant profits from the region as part of its record $1.8 billion in forex revenues last year.

International banks operating outside the continent are largely responsible for the increase in trade. Bank for International Settlements statistics show that from 1998--2001, FX trading volumes within Brazil and Mexico, for e