Execution costs still a riddle for FX participants

The sheer variety of choices hinders fair comparison

image of a vintage cash register
Adding it all up: FX market participants seem to be having a hard time tallying costs

The lack of comparability and level of fragmentation in the market are making it difficult for foreign exchange participants to work out the expenses associated with FX transactions, despite a greater need to determine the overall cost of execution amid increasing transparency requirements and slowing revenues.

For the sell side, higher capital charges associated with market-making, the benchmark-rigging scandal and the Swiss National Bank's shock move in January last year have been driving the

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