Royal Bank of Scotland (RBS) - known as something of a specialist in the sterling and corporate markets, as well a solid options market-maker in currency derivatives - may prove a surprise winner of Risk's Currency Derivatives House of the Year award. The past 12 months saw low volatility in the main G-7 currencies resulting in a reduction in company hedging activities. It also witnessed the closure of RBS's proprietary foreign exchange trading business.
But it is a testament to just how far
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