Single-Dealer Platforms Still Work for FX, Fixed Income

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Patrick Myles, CTO, Caplin

Equities have largely fled these platforms, confessed the head of JPMorgan's own such platform, JPMorgan Markets, to a Waters USA audience. But as long as other asset classes don't move in equities' direction from a market structure perspective, they will continue to serve a need.

While equities have mostly moved onto broker-neutral platforms like Redi, foreign exchange (FX) is still core to single-dealer platforms. "If you look at the market structure of FX, the prices are principal," said

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