We're in a banner year for trading. Trading of fixed income, currencies and commodities has been the big driver in the industry this year. We certainly saw that in the second quarter. Across the industry, such trading generated nearly 70 percent of total revenue for the top 12 banks, notes Breakingviews.

Most of this trading is in an agency basis, not really prop trading. The banks won as volume surged, spreads widened and top players dropped out. Most assume that these trends will reverse. The question is how fast? One other question is whether we'll see a return to more active proprietary trading as these trends start to move against the top banks. You get the sense that most banks, even Goldman Sachs, are less willing to go that route, but we'll see. 

For more:
- here's a Breakingviews article

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