The days when large banks were the only institutions capable of delivering tier 1 liquidity to the market are long gone. In many cases, the technology and pricing that non-bank market makers use and the risk parameters they have in place are on a par with the largest financial institutions.
The extreme market dislocation that occurred in March and April 2020 caused many traditional liquidity providers to reassess their business and operating models – and be more selective.
“This allowed a number of non-bank players with significant in-house flows to be more effective as a provider of secondary liquidity to market participants who require access to the wholesale currency markets,” says Henry Wilkes, from Currency Solutions & Services.
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