Everything has a 'market maker' - Currenex and other ECNs have 'market makers' - they're the banks that brokers pass your orders to.
Someone has to 'make' the market you trade on - in equities, the ASX, LSE or NYSE is the 'market maker' and you trade through a broker. Bucketshops - the brokers - are the market makers and are not transparent. With ECNs you have another tier before you get to the market maker, therefore the broker is transparent as they cannot manipulate the market like a bucketshop can.
Someone has to 'make' the market you trade on - in equities, the ASX, LSE or NYSE is the 'market maker' and you trade through a broker. Bucketshops - the brokers - are the market makers and are not transparent. With ECNs you have another tier before you get to the market maker, therefore the broker is transparent as they cannot manipulate the market like a bucketshop can.