FIVE YEARS AGO IN FX WEEK

Merrill Lynch and Dai-Ichi Kangyo bank have recently separately announced plans to increase their role in the derivatives swaps market. Merrill has set up a separate derivatives unit while the Japanese bank has hired Denise Boutross and five swap traders from SecPac.

Traders at banks where bonuses are entirely discretionary look likely to have an empty seasonal stocking this year, according to