The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

In times of stress, voice is still best

In periods of uncertainty, there's a tendency to go back to what you know. That's what has happened in the currency markets in the wake of the terrorist strikes in the US.


View graph large

As the New York Stock Exchange closed down for four days, market participants around the world sought security in familiar surroundings. Only a tiny proportion of what is in any case a much-reduced deal flow is being done online. In the longer run, though, it looks likely that the possibility of threats to physical exchanges will make online dealing increasingly attractive.

Although price takers certainly appreciate the transparency that online trading has already brought about, after the attacks they were more acutely aware of the other side of the coin. Online platforms aren't good at market detail. There's little an internet portal can tell you about market depth, nor can a screen hooked up to rate engines advise on the timing of a deal.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree