Last year’s Bank for International Settlements (BIS) triennial FX market survey, which was published in December, cited increased inter-dealer trading as a major factor in the growth in trading volumes, and also noted that more trades were being executed via bilateral methods than through multilateral platforms that make prices available to all participants.
Dealer trading with customers has stagnated in dollar terms since 2019, with the market share of dealer-customer turnover falling from 62% to 54%.
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