EBS Unveils New FX Trading Rules
One of the major changes is the deletion of the fifth decimal place in FX transactions, a move EBS, operated by inter-dealer broker Icap, says will aid with order fills and thicken books. The addition of the decimal place has been widely cited as a contributing factor to the continuing development of high-frequency trading (HFT) within FX, and a method by which other forms of electronic, primarily algorithmic, trading strategies have started to develop.
Outside of price granularity, stricter
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