One thing I don't understand is that if the legacy banks (scaled) have such a big profit centre in forex and this is a good business for them, why aren't they willing to cut the rates? I appreciate that there is more cost associated with the correspondent banks, but even then they are still taking a fat spread on top. Any thoughts?
One thing I don't understand is that if the legacy banks (scaled) have such a big profit centre in forex and this is a good business for them, why aren't they willing to cut the rates? I appreciate that there is more cost associated with the correspondent banks, but even then they are still taking a fat spread on top. Any thoughts?
Great overview, thank you!