The New Front Line

Cover Story

Foreign exchange (FX) is one of the few areas that excelled in the last year. While other markets faltered, many firms and canny individual traders made record gains in the FX markets-not enough to plug the multibillion-dollar holes in some firms' balance sheets, perhaps, but significant nonetheless.

This has given FX its day in the sun, being an area that was traditionally overshadowed by its more profitable counterparts. "A lot of client demand has moved away from structured products to more

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