A JOURNEY BACK five years to Euromoney’s 2002 foreign exchange poll (May 2002) shows that we identified a dominant theme of market consolidation then. We suggested that the market appeared set for domination by just five banks – much as today – and that consolidation was supposedly going to lead to a reduction in the number of trading venues, possibly to the extent that activity would become concentrated on just one. We wrote: “There’s no doubt that barriers to entry are rising in forex.
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