Pure FX or Pure Smoke?
Earlier this month, the business press reported that many of the top 10 largest foreign-exchange (FX) trading banks plan to launch a new bank-only spot FX market, dubbed Pure FX.
The stories cited the banks had been unhappy with their shrinking market share on Icap's EBS spot market ever since the agency broker opened the FX venue to non-banks, such as hedge funds and high-frequency traders.
According to industry consultancy Aite Group, reports the Wall Street Journal, high-frequency trades
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