2016 will be the year of the great liquidity unbundling

Regulation and the highly specialised nature of FX will lead to more partnerships

Zar Amrolia, co-chief executive, XTX Markets

Liquidity provision in foreign exchange underwent major changes over the course of 2015, as banks were forced to re-evaluate the overall cost of market-making amid the prevailing regulatory environment, and as products such as spot became highly commoditised and increasingly specialised.

"In the industry, MiFid II will force banks to look at the fully loaded cost of manufacturing FX market-making and be transparent about all parts of the value chain. Some of them will choose not to provide all

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