Esma investigates whether middleware providers are venues

Aggregated FX liquidity offerings accused of masquerading as multilateral trading facilities

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Face-off: are middleware providers holding themselves out as trading platforms while ducking regulatory requirements?

Europe’s markets regulator is investigating claims that middleware providers are aggregating foreign exchange liquidity and holding themselves out as trading platforms while ducking regulatory requirements for such venues.

“Some venues are basically saying they’re not a multilateral trading facility (MTF). But you look at them and say, hang on, if it looks like a duck and quacks like a duck, it’s a duck. There’s a lot of providers out there taking in bank streams, providing single prices to

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