Wall Street’s Rates, Currency Traders Save Quarter With Revenue Surge
- Fixed-income results topped analyst estimates in third quarter
- Trading buoyed revenues as reserves crimped lenders’ profits
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Rates and currencies traders just handed Wall Street’s trading desks their best third quarter ever.
Fixed-income trading revenue at the five largest US banks surged 22% to $15.8 billion in the period, trouncing analyst estimates. That, combined with a $10 billion equities-trading haul, handed the firms their best third quarter for the business on record.