Dawn of the superleague

LONDON -- The majority of banks now market-making in foreign exchange will be reduced to booking agents for an elite handful of liquidity providers, say senior officials at the top of the industry.

Higher barriers to entry as a result of automation; new ‘white-labelling’ services channelling local banks’ forex business to global players; and the growth of the ‘one-stop shop’ will alter the current state of the market within five years, said officials at top-three players Citigroup, UBS W

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