Citadel sees no role for banks in FX market making

Market-making and last look were hot topics at FX Invest North America


Banks will be displaced by non-bank market-makers in currencies in five years' time, said Jamil Nazarali, head of Citadel Execution Services at Citadel Securities, who warned another scandal could hit traditional broker dealers if they fail to offer the best prices to customers.

Speaking on a panel about alternative market-makers at FX Invest North America in Chicago, Nazarali said non-bank players are better set up and more incentivised to take on risk and provide liquidity than banks, which

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