FX Week

Dresdner's FX trade revenues in decline

Operating revenues now stand at e1.08 billion ($1.32 billion) for the first half compared with e1.2 billion for H1, 2003.

The bank attributed the decline in FX trading revenues to "market forces". This includes the general decrease in volatility seen in the second quarter, which hit trading volumes, said one source close to the bank.

Although DrKW did not break out a figure specifically for FX, its trading revenues, which include FX, fixed income and equities, were down 13% to e676 million (