A few years ago I wrote what I thought was a clever article about the fragmentation of a consolidating market. In it, I tried to explain the contradiction of how more trading venues were springing up in the FX market at the same time as widespread consolidation was reducing the number of banks active in it. I argued that fragmentation was a major reason why the FX market revived and started to grow after a period of what appeared to many as almost terminal decline around the turn of the millennium.
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