The new FX equation

Firms are scrutinising expenses more than ever, but despite hard times, one market participant believes innovation will drive down costs and "our best days as a market are ahead of us"

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The future is bright: innovation is expected to drive down costs. Photo: Shutterstock/Petr Vaclavek

Banks, the traditional market-makers and liquidity providers of the foreign exchange market, have always loved the currencies business, which offered a steadily growing stream of revenue as volumes boomed with the almost constant arrival of new participants. But, suddenly, there is a distinct feeling for all that the party is over and the lights have been turned on after a long night out on the tiles. 

There are three main reasons for the new intensity with which both the buy and sell side are

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