When U.S. banks reported big increases in trading revenue last month, there were two possible explanations: Either the business was genuinely improving or the Wall Street firms had simply stolen market share from beleaguered European rivals, which hadn’t yet reported earnings. Now that major overseas banks have reported, it is clear that the trading rebound—such as it is, with just two consecutive quarters of strong results—is...

Source: Wall Street Journal November 06, 2016 17:11 UTC