Traders, vendors seek to modernise chronically underinvested FX tech

The average FX professional uses eight applications at any one time, but integrating workflows is a daunting task

Machine learning cogs

Foreign exchange is the largest and most liquid market by a long way. In April 2022, when the Bank for International Settlements last took a snapshot of market activity, it found that $7.5 trillion dollars of currency – more than twice the entire GDP of the UK – was being traded on FX markets every day.

But the technology that underlies this huge chunk of the world economy tells a different story. With near total automation in equities and dedicated efforts to electronify fixed income stealing

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