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Foreign Exchange

Another year, another dollar

Some of you will no doubt be pleased to hear that this is the final weeklyFiX of 2007.

The column will return on January 11. Unlike last year, there is no Christmas quiz. The year has been testing enough without trying to make you remember a load of trivia – and besides, I’m not sure I could face another meat feast with Saxo’s Rob Gray should he win again.

Generally, it seems that 2007 has been good for most participants in the FX market. There have been a few rumours of horror shows in some places, but not only is FX now recognised as an asset class – something anyone who has ever worked in it recognised aeons ago – but increasingly it is the ‘steady Eddie’ of most trading businesses.

However, as one contact told me: “It’s been a shit year to have a good year.” That phrase has been subsequently whacking around the market and no doubt it will be used as an excuse not to pay the sort of bonuses many people are expecting. Indeed, there is widespread talk that several banks will invoke clauses – Santa clauses if you like, given the time of year – and not pay what they should to their FX staff on the basis that other trading areas have done their cods.