There is no price discovery available when you allow banks to also be brokers. They have unlimited access to capital. The FX is an unregulated market and decentralized. The FX market is filled with wash trades and algos trying to entice other algos to enter the wrong side of the trade. There is only manipulation and the inside information that is given to those who can afford to pay for it. There are plenty of services that allow you to receive the news releases before anyone else. Just do some google searching or even go to zerohedge.com where you will find plenty of proof of the current fraud in the markets. Think about the 17 mins of zeroed out trades because one of the MM got stuck and was exposed to huge losses. They should have let them burn like knight capital but they were to big to fail so the rigged the game and just canceled all orders for that 17min period. So no I can not except that there is not fraud in the system. I find it suspicious to think anyone could believe there is true price discovery.
http://www.zerohedge.com/news/2013-0...market-dropped
http://www.zerohedge.com/news/2013-0...market-dropped