Are we there yet? FX approaches the top

This column – indeed Euromoney as a whole – has always promoted FX as a key asset, but that doesn’t mean we shy away from the issues that portray the industry in a poor light.

When the results of this year’s Euromoney FX poll were released, I was swift to point out that FX was no longer seen as the poor relation by those who run financial institutions. I wrote: “The resilience of the FX market and the performance of its larger sell-side players means that currency trading is increasingly seen as a core competency in many banks.” (See 2009 Euromoney FX poll: Staying power in troubled times)

But now I fear FX may be deluded about its own sense of importance.

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