Nicholas Pratt
Nicholas Pratt

Anonymous trading - just a flash in the pan?

Nicholas Pratt sets out to discover who wants to trade anonymously in today's FX market, whether it is needed and what are the technology issues involved.

At the recent Sibos event, the annual conference held by interbank messaging body Swift, a session on the growth of the e-forex market was notable for one topic that divided both the panel of industry experts and the assembled crowd – that of anonymous trading platforms and the growth of an exchange-like structure for the FX market. On one side were the panellists from the traditional sell-side – Simon Wilson-Taylor, executive vice-president and head of Global Link at State Street Global Markets; Sandie O’Connor, global head of securities lending and execution products; and Philip Brittan, global business manager and head of FX at Bloomberg. On the opposing side, and somewhat isolated in number, was Mark Robson, chief executive of FXMarketSpace, the centrally-cleared platform developed by Reuters and the Chicago Mercantile Exchange which is attempting to bring an exchange-like marketplace to the FX industry. In explaining the motivation for the creation of FXMarketSpace, Robson...continued

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