Merrill Lynch has been the centre of interest and rumour over the past year because of its efforts to build up its forex business, but another firm, HSBC, has been quietly adding staff, refocusing its business, and climbing up the forex rankings.
HSBC has always had a regional presence comparable to Citigroup’s and a respectable investment banking business, but it has not recently matched those two competencies together to bring real benefits in the highly competitive forex market.
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