Transparency needs to be balanced by choice

Focus should be on behaviour and risk management

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Greater transparency surrounding price formation and the charges market-makers levy for liquidity provision will not necessarily push foreign exchange markets to become more efficient. Instead, the drive for transparency should focus on conduct and data, panellists said at the FX Week Europe conference in London on November 25.

"In the last 17 years, spreads have come in significantly and the market has become much more efficient," said Jeremy Smart, head of fixed-income electronic distribution

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