FX Focus - Editor's Letter
Year ends with banks re-considering market-making presence
2014 has been a mixed year for the FX market. The long period of volatility that had put many currency managers and dealing desks on their uppers continued for most of the year, broken by a sudden onset of activity towards the end of the third quarter. Though macro-economic conditions may now produce a more lively trading environment, structural market change has continued apace, and not always for the better.
One of the biggest shifts has been the reduction in market-making capacity at banks
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