Pure FX: Market or mirage?
Rumours often tend to move the markets more than news. This phenomenon is perfectly illustrated by the buzz that 10 of the largest foreign exchange dealers are looking to form a bank-only FX trading platform to regain market share lost to non-bank high-frequency traders. The PureFX venture has been shrouded in mystery ever since the rumours started swirling last year. Banks are still reluctant to discuss it on the record, but most participants have an opinion about the idea.
If banks want to
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