Market expands on rising international investment
"FX growth has been driven by more retirement assets in the US and elsewhere being pumped into international funds and away from domestic funds," said Richard Estes, vice-president of Bank of New York Mellon.
"International investment is also moving beyond developed markets and a greater allocation of funds is being given to emerging markets. The growing need to service this cross-border money flow has driven increased FX trading."
Estes was speaking on a panel on the future market model for FX
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