Back in the 1980s, when I was trading spot FX for Midland, it was clear to me that as well as making money, one of our major aims was to keep the bank’s name in the market. FX was then an almost completely off-balance sheet product, and the consequence was that a group of young traders were wound up and let loose. Looking back, I wish I knew then what I know now.
April 24, 2009