Non-bank market-makers look to build customer franchises

A new breed of real, alternative market-making community starting to emerge

David Mercer at LMAX Exchange
David Mercer, LMAX Exchange

Non-bank market-makers are increasingly looking to build direct relationships with clients as well as building up a customer franchise by hiring sales people and connecting to clients directly on relationship-based trading venues, people familiar with the trend told FX Week.

The new approach is a move away from the practice of streaming prices to anonymous central limit order books and the top-of-the-book price provision that is traditionally associated with alternative liquidity providers with

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