Breaking down the barriers

With parts of the over-the-counter FX market acquiring exchange-style characteristics, the exchanges themselves are becoming more customised

Edinburgh Forth Bridge
Getting closer: bridges are being built between OTC and exchanges

A bridge of sorts is being built between over-the-counter and exchange-traded forex, as regulatory pressures push customers to consider clearing more FX products, which has, in turn, spurred a number of exchange operators to enter the $5.3 trillion-a-day market.

Some exchanges are more aggressive than others and plan to leverage efficiencies offered by the collision of OTC and exchange models. Bats Global Markets, the largest operator of equity exchanges in the US, kicked off the process early

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