Credit ratings come into FX focus

"If we are going to enter a period where credit ratings start slipping, the involvement of risk and compliance people may increase sensitivity and make participants quicker to trim back and cut relationships," said one FX sales head at a US bank in London. "If you're not an A-rated institution then a lot of counterpart business is closed to you."

A recent raft of credit rating downgrades has brought the issue of FX counterparty risk to the fore. Awareness has been further heightened in recent

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