A year of change and opportunity


The new regulations on foreign exchange markets have yet to be fully clarified, but indications are already emerging as to who the winners and losers might be.

It seems custodian banks are already seeing initial benefits, with Bank of New York Mellon and State Street reporting year-on-year rises in trading revenues in the fourth quarter. Meanwhile, the traditional foreign exchange businesses at the larger US dealers seem to be taking a hit from increased competition in the market.

Based on what

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