By James Sinclair Executive Chairman and Co-Founder of MarketFactory
By James Sinclair Executive Chairman and Co-Founder of MarketFactory

The Once and Future FX Market

The Christmas and New Year break provides an essential opportunity for compulsive hoarders, among whose number I must include myself, to review and dispose of old journals and press clippings cut in years long gone by. Progress is slow in my clean-up. I am distracted by articles that make me think – “oh, that became so true” and occasionally by articles that were the opposite. I need to be careful of chronological snobbery – “It was so obvious!”, I declare with crystal clear hindsight– well it certainly wasn’t back then.

First Published: e-Forex Magazine 84 / Market Commentary / January 2019

The Christmas and New Year break provides an essential opportunity for compulsive hoarders, among whose number I must include myself, to review and dispose of old journals and press clippings cut in years long gone by. Progress is slow in my clean-up. I am distracted by articles that make me think – “oh, that became so true” and occasionally by articles that were the opposite. I need to be careful of chronological snobbery – “It was so obvious!”, I declare with crystal clear hindsight– well it certainly wasn’t back then. Two papers, both by William Barker of the Bank of Canada, written as the fragmentation of foreign exchange (FX) was beginning to heat up years ago, were very much on the mark. The first was in 2007, The Global Foreign Exchange Market: Growth and Transformation and the second in 2011, The Growth of High-Frequency Trading: Implications for Financial Stability. These papers were among the first broad brush analyses of the market as we would...continued

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