In a currency derivatives market increasingly characterised by electronic trading, high volumes and wafer-thin bid-offer spreads, it’s not easy to break into the top tier. But over the past year or so, in the eyes of some of the market’s biggest users, that is what Bank of America Merrill Lynch (BAML) has done.
“It used to be middle of the road, but there’s been a big change in the past 18 months. BAML has gone from being our number 12 counterparty to number one. It’s really stepped up its game.