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They were "foreign exchange dealers" who enacted a "transfiguration of finance", points out the financial historian Niall Ferguson.
There were foreign exchange consulting fees.
Two-thirds of all outstanding derivatives were interest rate contracts (swapping fixed for floating interest rates, or vice versa, for example), 9% were foreign exchange contracts and only 8% were the credit default swaps (CDS) embroiled in the current crisis.
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Also out are foreign exchange commissions and yoghurt drinks.
As debt repayments consume more disposable income, shopping would slow.The other market to watch is foreign exchange.
Another important and key driver was foreign exchange.
Thanks to hedge fund proliferation, the wildest market around is foreign exchange.
So are foreign-exchange reserves.
While Mr. Toomey did work on Wall Street after college, his focus was foreign-exchange swaps, not the credit default swaps that were at the heart of the 2008 financial crisis.
The wealth-management arms of Citigroup and UBS run week-long seminars at which the children of multi-millionaires are schooled in inheritance law and spend a day pretending to be foreign-exchange traders.
On the other hand, a rise in interest rates would risk pushing the euro even higher, thus aborting recovery.One alternative solution to cutting interest rates is foreign-exchange intervention.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com