
TCA will increase fragmentation, says Sinclair
Execution spreads across more secondary venues as algos seek platforms with least signalling risk, says white paper by MarketFactory

The use of execution analytics together with automated trading will further increase fragmentation in currency markets as algorithms seek out brokers and platforms where signalling risk is the lowest, resulting in more orders being placed on secondary venues, according to a white paper by MarketFactory.
James Sinclair, executive chairman and co-founder of the technology firm, lists four causes for continued fragmentation in FX, which apart from market impact analysis include the growing use of
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