Algorithmic trading in FX is rapidly evolving. Until recently, if you said someone did it, you were effectively using an extremely rude four-letter word. Now, it seems that the term has reverted to the original meaning it had in equities: a sub-set of programme trading designed to gain better execution.
Algos have had a huge impact on equities and it has been widely predicted that their use will grow rapidly in FX. However, because the two markets are very different in many ways, I have at times been extremely sceptical.
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