Just over three years ago, Bank of England chief dealer Martin Mallet described a phenomenon he termed the “liquidity mirage” in a speech he made to delegates at an Association Cambiste International congress held in London. Since then, the issue of liquidity management has remained a hot topic in the FX market, particularly to the leading banks that stream prices to various trading venues.
Mallett’s comments specifically referred to the way multiple platforms showed the same price.
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