The debate about whether or not the foreign exchange market will ever fully adopt an exchange-traded model has been raging for years. It is likely to continue, with proponents and detractors able to put forward good arguments why it will and why it won’t.
A frequent claim is that activity in the exchange-traded FX market is minuscule when compared with the over-the-counter environment. Ostensibly this appears to be true but a more complex, different picture lies underneath the bare figures.
| Craig Donohue, CME: seeing some underlying shifts in the FX market |
According to the most recent Bank for International Settlements Triennial Central Bank Survey, overall daily activity in April 2004 in the OTC FX market totalled about $1.9
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