Experts: Thinning Liquidity Drives FX Algo Adoption
Since market-making has become a loss-making activity, hedge funds are less prominent in the market, explained Tim Cartledge, head of FX trading at Barclays Capital in London, who spoke at the FX Week Europe 2008 Congress. "The thinning liquidity means we've seen a shift to where it is good to be doing most of your hedging internally and most of our algorithms are now pointing inwards," he adds.
This analysis is echoed by panelist Jeremy Smart, global head of e-FX sales at Morgan Stanley. "We're
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