Recent research from TowerGroup* has highlighted many of the obvious contradictions in the FX market. TowerGroup senior analyst Tom Price points out that as the market grows, it has increasingly embraced electronic trading. Obviously this has resulted in a decrease in trading on the telephone but, as Price notes, voice communication is still commonly used in emerging market dealing, which is very much expanding.
Price observes that the market has certainly leant towards greater electronic trading and that competition has encouraged fragmentation. This is much the same as what happened with US equities in the 1990s. He asks the question, however,...
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