U.K. Clearing Banks Expect Solid FX Gains In First Half, Despite Treacherous Market

BANKS

U.K. clearing banks are expecting fairly good results in foreign exchange for the first half of 1992, despite sharp market moves that may have caught many speculators on the wrong side, say bank treasury officials. The volatility of the past six months has generated a lot of trading volume, say bankers, good news for the largely jobbing business of the clearers, which do not do substantial positioning.

"The turnover has been such that someone like us has done reasonably well," says Christophe