Euromoney FX survey 2010: Australian banks build on their survival skills
It was no surprise to see them improve FX market share this year after emerging from the banking crisis relatively unscathed, writes Trevor Carr.
The New York-based global head of FX and commodities institutional sales at National Australia Bank (NAB), Jonathan Prince, says there was strong interest in Australasia because of "strong domestic growth, rising yields, a sound and safe banking system, and increasing terms of trade. The region is also seen as a good way of participating in the Asian growth story, in markets that are liquid and well regulated."
Thanks to the Australian government’s wholesale lending guarantee, Australian banks came through the banking crisis with their balance sheets intact. Both Commonwealth Bank (CBA) and Westpac are now in the global top-20 banks by market capitalization.
Rod Lewis, global head of trading at CBA, can see the strength of the Australian economy since the crisis.