Biggest Banks Tighten Grip on Currency Trading
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Foreign-exchange trading is consolidating among the five biggest banks, a trend that may cut the number of competitors in the $5.3 trillion-a-day market, according to Greenwich Associates.
The largest currency dealers are Barclays Plc, Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co. and UBS AG, and they controlled about 53 percent of global volume in 2013, the Stamford, Connecticut-based research firm said today in a report. That compares with about 39 percent for the top five in