There is no doubt that electronic trading should lead to a far more secure dealing environment. The days have long gone when a dealer based in Oslo could ring you up from a phone box and ask you to sell half a yard of USD/JPY, only for you to find out 15 minutes later that he’s been sacked – which happened to us at Midland in the 1980s. Limits can be set on a totally discrete basis, and positions can be monitored and P&L calculated in virtual real time.
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