The Rise of the Non-bank Liquidity Provider

The growing ability of non-bank spot FX liquidity providers to service client demand in the marketplace came to the fore in 2016’s Euromoney annual spot FX volumes survey results, which showed that the amount of currencies volume supplied by the top-five market-makers was falling when compared to the ability of one proprietary trading firm – XTX Markets – that provides pricing to dealer-to-client currencies (D2C) venues. In this article, GreySpark Partners analyst consultant Pierre Guenin explores how XTX Markets achieved this feat in the flow FX markets and how other non-bank liquidity providers are already replicating XTX’s feat in the cash-centric corners of other asset classes.

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