Manfred Wiebogen CEE Treasury at VOLKSBANK AG – Vienna President ACI The Financial Markets Association
Manfred Wiebogen CEE Treasury at VOLKSBANK AG – Vienna President ACI The Financial Markets Association

NO news – is GOOD news in Financial Markets?!

During the last few months, when speaking and commenting on behalf of ACI, The Financial Markets Association, I often started with the slogan: "NO news – is GOOD news. We are rather tempted not to open the newspaper in the morning as we might be at risk of misconstruing the superlatives being applied to the financial markets..."

First Published: e-Forex Magazine 32 / Foreword / July, 2008

To be precise: unfortunately superlatives are discrediting the banking profession and in particular the trader’s environment. The headlines have been the same all over the world: Tsunami over banking Epicenter: JP Morgan takes over Bear Stearns Underwater: US-Dollar in free fall Equity trader causes a loss of 4.9 bn EUR Credit crises – IMF puts cost of credit crisis at $945 bn Liquidity crisis – mistrust amongst banks ….. The overall trading ambience was at risk of becoming stigmatized and found jointly guilty for failings caused by the liquidity crisis. Sub-prime was a word which most of us had not heard about a year ago – a period during which many traders have been challenged to get by at all and keep markets running whilst staying within their budgets. Back to superlatives But let as return to superlatives again. The real one in financial markets – which we all know about – is Foreign Exchange. Well, the latest triennial BIS survey is...continued

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