UBS FX down despite strong Q2

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The downturn in earnings came despite its second-best quarter ever in foreign exchange, from April to June this year, when income was Sfr419 million ($310 million). UBS said this was because the quarterly record of Sfr543 million, set in Q2, 2002 had been boosted by particularly high proprietary trading income.

In its interim report, released with the results last week, UBS noted "overwhelming success in re-engineering our FX business". This has entailed moving the bulk of its transactional