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High-speed FX trading provokes backlash from banks

From reuters.com

Traders' frustration at being outpaced by high-speed computer algorithms operating on foreign exchange dealing platforms is contributing to a fall in spot volumes on the market's two biggest trading venues and prompting some to look elsewhere. The two primary providers of interbank platforms dealing - Thomson Reuters and EBS, owned by ICAP Plc - both saw year-on-year spot trading volumes decline in June. The drop came even as the average daily value of FX settled topped the $5 trillion mark, according to data from settlement service CLS Bank. Traders said the fall was partly due to other factors including the rise of ... (full story)

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