FX weighs on banks' trading revenues in Q3 2016
OCC report finds a fall in FX and interest rates lowered banks' trading revenues, but they still performed better than in 2015
Trading revenues at US banks slipped by nearly 9% in the third quarter of 2016, spurred by declining earnings in foreign exchange and interest rates, according to a quarterly report on bank trading and derivatives by the Office of the Comptroller of the Currency (OCC).
The $6.4 billion in trading revenue reported by banks for Q3 2016 was $600 million (8.6%) lower than in Q2. However, this was $1.1 billion higher than in the corresponding period of 2015, marking a 20.8% increase.
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