UBS Currency-Trading Revenue Dropped as Volatility Hurt Options
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UBS AG, the fourth-largest currency trader, said revenue from its foreign exchange business fell in the second quarter due to increased price swings in the market.
“Foreign-exchange revenues declined as options revenues decreased due to higher volatility levels and reduced liquidity,” the Zurich-based bank said in a statement today. The drop was partially offset by an increase in revenue from spot currency trading, particularly due to greater electronic transaction volumes, it said.