FX Week

Northern Trust maintains Q1 momentum

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The Chicago-based bank reported FX trading profits of $48 million in the second quarter – up from $41 million in the first quarter, and $33 million in Q2, 2003. Year-on-year the bank is up 65% compared with its H1 profits for 2003.

While the other US banks all reported strong year-on-year gains for both the first half and the second quarter, none were able to match their earnings in Q1 of this year as volatility in the main currencies fell off.

Nonetheless, as a whole, the first half saw hig