Questions raised over banks’ FX profits post-September 11

FRONT PAGE NEWS

NEW YORK -- The FX market was speculating last week over whether banks’ large increases in FX trading revenues during the third quarter were made from proprietary trading in the uncertain trading conditions following September 11.

Citigroup’s FX trading revenues saw a 43% hike year-on-year for Q3, while Bank of New York’s forex revenues jumped by 42% during the same period. FleetBoston, the Boston-based financial services firm, saw a 47% leap in FX revenues.

The third quarter reporting period

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