Banks snap up dealers fluent in Spanish and Portuguese

The opportunity for increased earnings in those regions is a key factor in driving the trend, said one head of FX at a US bank in New York.

"There is an opportunity to earn higher margins in Spain and Portugal. Having a native speaker with local experience gives you a much better chance of doing business," the manager said.

On the Iberian peninsular, increasing use of derivatives is also boosting demand for Spanish- and Portuguese-speaking dealers. "Over the past couple of years Spain has