The foreign exchange market has multiple products and types of participants with diverse trading methods and motivations. Technology has brought innovation and change. Once done only by telephone, FX trading was reliant on relationships and credit lines, which limited participation. The advent of electronic trading and straight-through processing has led to an influx of diverse traders, but new execution venues catering to them have fragmented the market. New trading methods like aggregation and algorithms have added to the complexity. This TowerGroup Research Note analyzes how market participants are trading in FX and how their motivations affect their choice of execution venues.
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