Esma investigates whether middleware providers are venues

Aggregated FX liquidity offerings accused of masquerading as multilateral trading facilities

disguise - mask - Getty - web.jpg
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

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Week account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: