For the base metals market, the past year has been pretty grim. Bearish sentiment, low volatility and a slew of regulation has made life tough for clients and banks alike – so much so that some of the largest players have decided to pack up and leave.
"From a purely competitive landscape, it's levelled the playing field," says Mikko Rusi, London-based global head of metals sales at BNP Paribas. But the bank's positioning has shielded it from the worst of the storm, he adds. "Our business has