With a daily trading volume average of $1.5 trillion, foreign exchange is certainly the world’s largest market and arguably its most liquid. And like equity and bond markets before it, foreign exchange is finally getting wired.
The arrival of a handful of platforms and portals – both from banks and from pure dot com service providers – is bringing a new element of price transparency to an already relatively efficient market. Yet unlike in other areas of financial services – where the internet has enabled customers to participate more directly in markets and source new and more competitively priced services – the web, for now at least, is doing little to alter the foreign exchange value proposition.
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