Deutsche Bank AG (DBK) and UBS AG (UBSN), the first- and fourth-placed currency dealers as ranked by Euromoney Institutional Investor Plc, said foreign-exchange income fell in the third quarter from a year earlier.
“Foreign-exchange revenues were significantly lower than the prior-year quarter, due to compressed margins,” Deutsche Bank said in an earnings report released today. Revenues from rates trading were “significantly higher” on “strong client activity, particularly in Europe, and less volatile markets,” the Frankfurt-based company said.
Money-market revenues were “significantly lower” as volatility declined, Deutsche Bank said.
UBS, Switzerland’s biggest bank, said in its earnings report also released today that foreign-exchange revenue declined due to lower volumes and reduced volatility.
Fixed income, currencies and commodities revenues were broadly unchanged, as a credit-market rally was offset by subdued foreign-exchange and interest-rate markets, the Zurich- based company said.