The broker has now released a new report showing the extent to which UK SMEs may be getting ripped-off in FX.
While the report lacks rigour – it extrapolates one quote example over a whole year’s worth of hedging for the totality of UK SMEs involved in import/export – it does give an idea of how profitable the SME market still is for UK clearers. Moneycorp estimates the banks are making £1.7 billion a year from SME spot FX.
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