FX Week



Salomon Smith Barney reports revenue from principal transactions, which includes foreign exchange trading, for the first half of 1998 was $1.095 billion, down 22 per cent from $1.402 billion reported last year. For the second quarter, revenue was down 56 per cent from $709 million to $315 million. The investment bank says the downturn "was the result of losses principally in the US fixed income arbitrage business and from commodities trading conducted by Phibro Inc".

The Bank of Japan

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