SG takes a €370m hit on exotics and €447m loss on Lehman in Q3 2008

Revenues for the Fixed Income, Currencies & Commodities (FICC) business totalled €744 million excluding non-recurring items, up 140% against Q3 2007 and 4.9% versus Q2 2008. “Once again this quarter, the business line achieved record client-driven revenues driven by flow products, interest rate and forex structured products, and commodities,” said the bank.

In the smaller print, FICC also recorded non-recurring items that included losses and write-downs on exotic credit derivatives of €370

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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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