Cutting costs
As foreign exchange trade volumes have surged over the past few years, the corresponding size per ticket has dropped significantly - translating into lower and lower trade margins. The reasons for this are well known: the emergence of foreign exchange as a stand-alone asset class, the increased commoditisation of vanilla FX instruments, the surge in electronic trading and the rise in algorithmic trading.
While this swift increase in trade volumes occurred across the broad spectrum of banks both
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