For FX dealers, virus brings volumes

Mixed feelings for sell-side traders as Covid-19 spurs wave of speculation and hedging

As coronavirus spreads to Europe and the Americas, trading opportunities have re-emerged

Add another minor item to the list of coronavirus woes: the challenge of celebrating booming foreign exchange volumes without endorsing their tragic cause.

“It feels good,” begins one bank’s senior FX options trader. “I mean, it’s a bad thing – none of us are happy – but in terms of the pure volatility all this is bringing, it’s been kind of healthy for the market.”

He pauses uncomfortably, then adds: “You know what I mean.”

Many of his counterparts do. As the disease has spread to Europe and