How the top 50 liquidity providers tackle last look

Uneven disclosure practices are making life difficult for agency algos and ECN trading

This is the second feature of a two-part series exploring dealing practices in the foreign exchange spot market. The first part, looking at non-bank liquidity providers, is available here.

It has been two years since a global code of conduct was introduced to bring more transparency to the spot foreign exchange market.

Since then, new debates have sprung up around how that applies to anonymous trading platforms and providers of agency execution algorithms, while old ones around the levels of

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