Aggregation hampered by predatory execution

Tyre tracks

EBS's recent decision to consult on best practices for aggregation has cast the spotlight on the many challenges associated with aggregating foreign exchange liquidity, but while the guidelines were widely welcomed this week as a means of increasing the transparency of the aggregators themselves, some say further issues may need to be tackled, specifically relating to those that provide and consume the liquidity of an aggregator.

While earlier forms of aggregation focused on bringing together si

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