Risk.net

G-10 trade keeps Citi earnings stable

Opportunities in the Group of 10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong foreign exchange earnings in 2003, reports Risknews' sister publication, FX Week .

    • Sophie Brown
  • LinkedIn  
  • Save this article
  • Print this page  
"The headline numbers have remained very strong," said Richard Moore, global head of forex at the bank in London. "More of the opportunity in 2003 resided in the G-10 world with the sharp decline in the dollar against the euro and the yen." These currencies are likely to attract similar attention in 2004, particularly as it is an election year in the US, he said.

Citi’s revenues remained stable in 2003, earning $1,782 million in foreign exchange trading for the full year, down slightly from $1,790 million in 2002.

Electronic trading has played a key role in the development of the foreign exchange market, and has enabled the bank to maintain profits through increased efficiency, said Moore. "A growing proportion of business is put through the multi-bank portals and equally through bank-to-bank and bank-to-customer portals. The sales professional or client does not have to spend time on vanilla transactions but can spend more productive time elsewhere."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Copyright Infopro Digital Limited. All rights reserved.

As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.

If you would like to purchase additional rights please email info@risk.net

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@risk.net

More on Foreign exchange

Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here