Forex specialists predict consolidation

Jeremy Smart, head of electronic foreign exchange sales at Morgan Stanley, said: "Whenever you get market dislocations like this you see a period of consolidation afterwards and I think that will happen this time round too, in 18 months' time there will be fewer people in the forex market." Marco Pelizzoli, co-head of global foreign exchange e-solutions at Bank of America agreed, commenting that "there will be fewer organisations".

Smart suggested the remaining smaller banks would "revert to type

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