The return of volatility in FX last year created the necessary environment for relationship-based trading between banks and their clients. When volatility hits, market participants tend to want to execute with certainty.
Citi’s decision last month to consolidate its e-FX trading platforms into a new single-dealer platform was a reminder of the extent to which banks are pushing their own trading infrastructure as a better option than multi-dealer platforms.
Other banks have extended the functionality of their platforms, with UBS pushing the boundaries on the amount of liquidity provided to clients electronically by offering up to €500 million notional on its single-dealer platform.
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