Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance.
Vendors that must register as multilateral trading facilities (MTFs) may end up passing increased regulatory costs on to foreign exchange dealers and clients, according to Citi.
Stricter guidance from the UK Financial Conduct Authority and European Securities and Markets Authority issued at the end of last year will require technology companies that facilitate price negotiation between counterparties to register as trading venues.
It means many firms, such as aggregators and execution management
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