The fluctuating fortunes of the banking sector in recent years have proved how difficult it is to judge a bank's risk management strategy during boom periods. It is revealing that two firms to report record profits during the heady days of 2006 were Switzerland's UBS ($9.1 billion) and US insurer American International Group (AIG) ($14 billion). A third, Citigroup (at the time the world's largest bank), recorded a profit of $21.5 billion - its second-best year.

At the time, it could have been

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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