The Globe and Mail reports in its Wednesday, July 19, edition that trading revenue at some major Wall Street firms tumbled in the second quarter. The Globe's Christina Pellegrini and Niall McGee write that on Tuesday, Goldman Sachs Group posted a slump in its trading division for the three months ended June 30, joining JPMorgan Chase & Co., Citigroup, Bank of America and Wells Fargo & Co. Goldman posted a whopping 40-per-cent drop in revenue from fixed-income, currencies and commodities (FICC) trading from the same period last year, hampered by lighter levels of client activity. These results may not bode well for Canadian firms. One analyst says that trading revenue at the Canadian banks will be weighed down by low volatility when they report third quarter results for the three months ended July 31. Cormark Securities analyst Meny Grauman says, "Market expectations for Q3 for the Canadian banks weren't really expecting anything spectacular from trading results -- and that's basically confirmed. l don't think it's going to be a great quarter for trading in Canada, particularly on the fixed-income side. Investment banking should hold in a little better."