The 10 largest banks made $34.7 billion in 2022 in the most frequently traded currencies, known as the G-10, according to data from Coalition Greenwich.
The world’s biggest banks just enjoyed their second-best year for rates trading in a decade, as rising interest rates and soaring inflation brought lucrative turbulence to the market.
“You have to be disciplined and make sure positions can be fairly quickly unwound if things don’t work,” Pasquale Cataldi, head of EMEA rates trading at Nomura Holdings, said.“Central banks have been dominating the rates market and pushing it to uneconomic levels for over a decade. Finally they backed away,” Lindsay Politi, a bond trader at Connecticut-based One River Asset Management, said in an interview.
A closely watched part of the US yield curve inverted to a four-decade extreme last year – a development typically seen as a negative sign for the economy, because it signals the expected severity of central bank policy tightening could feed into a recession. Goldman Sachs’s trading operation posted an 11 per cent increase in third-quarter revenue led by fixed income. JPMorgan Chase saw a 22 per cent jump in fixed income revenue in the same period, while Bank of America’s traders beat estimates as bond-trading revenue rose 27 per cent.
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