PB concentration risk a concern as volatility picks up

Global head of Currenex says the lack of a dynamic FXPB space is a worry as non-bank liquidity providers need access

David Newns at State Street
David Newns: 2017 set for "storm of uncertainty" as regulatory, political and market structure changes are afoot

The year 2017 is set to be characterised by a "storm of uncertainty", as macroeconomic fundamentals heighten volatility in a market that is undergoing significant structural changes, driven by regulation.

This background could bring to the fore concerns about concentration risk in the foreign exchange prime brokerage (FXPB) space, where the number of providers has been diminishing since January 2015, at the same time as they are becoming increasingly important for the health of markets because

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