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.

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

Let’s hope it’s not another preposterous New Year

After spending much of 2008 in denial, just like a number of global banks, it is time to face reality and slim down operations.

I stood on the scales this week for the first time since the end of 2007. And I’m sure they shouted back at me: “Get off you fat b’staad.” So after spending much of 2008 in denial, just like a number of global banks, it is time to face reality and slim down operations. For me that means laying off the alcohol and cutting back on the calories. As one of my contacts swiftly pointed out when I wished him a Happy New Year, 2008 turned out not a prosperous but a preposterous year. Let’s hope normality returns in 2009, but as the market always says there are only ever two hopes: no hope and Bob Hope.


Few people could disagree that the FX market has fundamentally changed over the past few months. That said, it still looks like a good place to be. Already, there’s been enough volatility in 2009 to whet the appetites of most players, yet liquidity remains shallow and volumes look relatively low. The banks are swift to widen their spreads, which is fully understandable and while the days when anything was given away as a loss leader may not be fully over, the need to preserve balance sheets means that all aspects of the business will come under scrutiny.


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.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

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

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, 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

LOGIN NOW

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