Josh Levy never intended to be part of an uprising. He left his job
as a currency trader at Goldman Sachs early last year to join
Valhalla Forex, based just a few minutes' walk from his former
employer, on the 15th floor of a building on downtown Broadway in
New York.
The grandeur of its Wagnerian name belies its size: it is a small
organization, specializing in proprietary trading in the forex spot
markets, although it also dabbles in forwards.
Within weeks he had become exasperated with his dealers and
market-makers. "We had good price discovery brokers so we knew
within three pips where the price was," says Levy. "But the bid-ask
quotes we were getting from the dealers were often quite far off
the fair-market value. If the price was really 90-93 sometimes,
especially in fast markets, we'd get prices which were four or five
pips off the market, sometimes more." ...
