FX futures momentum challenges primary venues’ pricing role

Panellists suggest spot FX primary markets’ importance in models has “diminished”


With banks and buy-side firms becoming more active in the foreign exchange futures market and spot volumes traded on primary venues in decline, some market experts believe the latter’s usefulness when constructing pricing models is dwindling.

While futures volumes have grown in recent years, trading of FX spot on the primary venues of EBS Market and Refinitiv Matching – typically key inputs into pricing models – have fallen away. Across the exchanges, futures average daily volumes (ADV) now

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