Why FX liquidity is harder to read than ever
A breakdown of FX execution methods shows how liquidity is truly formed, writes Isomiq's Jamie Rose
The BIS Triennial Survey headline for April 2025 is something that has been widely publicised and talked about: global over-the counter FX turnover reached roughly $9.6 trillion per day. This headline says a lot, but what is not discussed is the detailed breakdown of that activity and what it reveals about how liquidity is formed and accessed in today’s market.
A deeper dive into the BIS tables supports a more practical claim. The market is large but the liquidity that matters to banks and the
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