When global bond investors lost more than $400bn in one week this month, Koon Chow, a Union Bancaire Privee currency strategist, asked sales contacts at banks about the impact on foreign-exchange markets. He didn’t get much help.
'We struggled to get any information from bank sales - they were cautious about telling us who was doing what', said Chow, who has been in the market for more than 15 years and previously worked at Barclays and Credit Suisse.
Since then, deals going through bank spot-currency desks have fallen as clients shift to electronic platforms, more than 30 traders have been fired or suspended, and those remaining are wary of communicating anything that might cost them their jobs.
To access the complete Bloomberg News article hit the link below: