FX survey 2014: Falling down... Is there any way back up?

Clive Horwood
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The top five global foreign exchange banks have been saying for many years that the banks ranked just outside that top tier are under pressure: they must maintain similar levels of infrastructure in terms of people and technology as the biggest players, but cannot compete on revenues in an ultra-low-margin business.

This year, that pressure seems to be taking its toll. Two banks that have been suffering since the start of the financial crisis because of the underperformance of their overall FICC business fall out of the overall top 10. Morgan Stanley drops...