For many years, some foreign exchange participants and industry watchers predicted that it was only a matter of time before trading, especially of spot, migrated on to a single, exchange-like location. However, far from consolidating, the FX market has continued to fragment and, perhaps more important, it has continued to thrive. If ever there was proof that competition is beneficial to a market’s smooth and efficient operation, it is FX. The view that FX would one day function in much the same way as equities has now almost completely disappeared.
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