Avoiding market impact – it takes two

Electronic foreign exchange markets have undergone an extensive transformation over the past decade, raising many questions about what are the most efficient trading practices and technology. Throughout this transformation, the job of trading spot FX has become increasingly complex as the market has fragmented. Participants can choose from a large number of liquidity providers (LPs), which they can connect to directly or via one of the many multi-dealer venues. 

The majority of market