The atmosphere at a conference of currency market professionals was markedly different from the previous few years: there was a buzz.
Senior executives from banks and brokers were feeling optimistic about the prospects of foreign-exchange trading at the recent gathering in Amsterdam. They’ve spent years eyeing the world of crypto with envy, as digital assets thrived in a highly volatile market, while traditional money remained dull.
Currencies are now at the forefront of the action. Rapidly climbing interest-rate risks around the world and increased geopolitical tensions are fueling a 30% surge in trading and historic moves, reviving an industry that spent the past decade struggling with stagnant volumes.
“FX as an asset class is really back this year,” said Russell LaScala, the global head of FX at Deutsche Bank AG, the world’s largest currency player by market share. “I think last year a lot of macro hedge funds were trading different assets, including crypto.”
The notoriously...
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