Don't Call Them A Foreign-Exchange Powerhouse

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UBS, like JPMorgan Chase and Morgan Stanley before it, has struck upon the idea that if it's not in the Euromoney FX league tables, regulators won't notice all of the (allegedly) illegal currency-related things it does.

For many years UBS FX has been an active participant in the annual Euromoney FX Survey, as it is recognized as a key market barometer to gauge volumes in the FX market. In recent years this has consumed an increasing amount of time and resources both for you, in participating in the Survey, and for us in gearing up the support to reflect the work we have done… Euromoney is also trying to increase the number of clients it is contacting directly in order to collate results in its constant effort to improve the accuracy and credibility of the survey.

As a result after careful consideration we feel that the time and effort involved is disproportionate. We have therefore decided that this was our last year of participation, albeit with a lighter touch, in the survey and we will no longer be participating….

Sui Chung, the deputy publisher at Euromoney who overses the poll, could not be reached to comment on the latest developments Thursday. But when Morgan Stanley backed away from the poll in January, he said the relevance of the survey as a whole was as strong as ever. He added that banks are likely to make less “noise” about the process in the current rather gloomy environment. “Things that used to be OK are now not OK. Being seen to be doing things that are less than serious these days is not going to fly,” he said.

UBS Latest To Shy Away From Euromoney FX Poll [WSJ MoneyBeat blog]

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