Buy side should create central tape, panellists say

Internalisation and analytics were the focus of discussion for an occasionally tense panel

Patrick Fleur at PGGM
Patrick Fleur: overall market data costs are currently higher than trading costs at PGGM

The largest buy-side market participants should lead the way in creating a central tape for foreign exchange markets, but practical difficulties such as information leakage and having the resources needed to achieve such an outcome are likely to limit the appetite for such a project, panellists said at the 2017 FX Week Europe conference.

Fragmentation in currency markets is a defining feature, as well as the lack of a consolidated price. Several private-sector initiatives have aimed to resolve

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