Brexit will give non-banks a spot-market boost

Adding to dealer banks' decreasing risk appetite could spell trouble

Uncertainty spreads: "A negative by-product is that liquidity suffers tremendously"

The elevated level of uncertainty in currency markets, coupled with a great extent of event risks, could accelerate the trend of non-bank market-makers wrestling market share from banks, according to market participants.

"I think non-bank liquidity providers will further take market share from banks in electronic spot," says Dmitri Galinov, chief executive of FastMatch. "We have seen during the night, banks widening their prices and non-bank liquidity providers stepping in to provide liquidity

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