Fragmentation is a defining feature of currency markets, along with the lack of a consolidated price. Several private-sector initiatives have aimed to resolve this issue, though these efforts have mainly targeted liquidity providers and the sell side.
“The problem with existing tape initiatives is the lack of co-operation from the buy side,” said Patrick Fleur, head of trading and execution at Dutch asset manager PGGM. “I’ve been advocating for this for the last couple of years already, but I
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