Sterling Activity Wanes In New York ERM Entry, Fewer Market Makers Cited

BANKS

Sterling activity continues to slide in New York in the wake of Britain's entry into the European exchange rate mechanism (ERM) and participants say it isn't likely to rebound anytime soon. As a result, traders and brokers who once made their living trading cable have been forced to find other currencies to work.

"As a customer in the interbank market, we find it increasingly difficult to get good sterling quotes outside of London hours," one New York-based trader says.

Participants cite

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