Isn’t it ironic, don’t you think?

Going forward, concentration amongst the largest FX dealers could increase further

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Market share will rule in the future as banks look to monetise the internalisation opportunities afforded by their client franchises

There is a small irony in the fact that in the year the second Markets in Financial Instruments Directive kicked-in in Europe, size and scale has become more important for FX market-makers than ever.

Mifid II may have been drawn up with the intention of increasing competition, but its actual impact may turn out to be the exact opposite. Cost is, of course, the defining issue for both sell- and buy-side FX market participants, with efficiencies in execution, workflow and relationships becoming

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