Keys to the kingdom: dealers open doors to passive trades

0

Some
of
the
biggest
foreign
exchange
dealers
are
giving
certain
systematic
hedge
funds
the
keys
to
their
most
prized
possessions

access
to
their
client
franchises.

Banks
have
been
able
to
internalise
flow
from
clients
for
years,
matching
off
algorithmic
orders
as
they
come
in
with
interest
from
other
clients
around
the
franchise.
But
if
dealers
wanted
to
leave
passive,
resting
orders
to
earn
the
bid/offer
spread
instead
of
crossing
it,
they
would
have
to
go
to
an
external
exchange.

Now,
top-tier

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