Pure FX: Market or Mirage?

Jim Kwiatkowski, FXall

Rumors tend to move the markets more than news. This phenomenon is perfectly illustrated by the buzz that 10 of the largest foreign exchange (FX) dealers are looking to form a bank-only FX trading platform to regain market share lost to non-bank high-frequency traders. Although no bank representatives will openly discuss this new platform, dubbed Pure FX, it has left many scratching their heads and wondering two things: Why now, and why build it from scratch?

If banks want to trade only with

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