Tradition has it that attendees at a Venetian masquerade ball wear elaborate masks to conceal their identity before indulging in acts of immorality and intrigue.

The FX market has its own cloak of anonymity in the form of tags, which traders on electronic platforms use to remain incognito. But some in the industry complain that participants are using tags to mask their own unscrupulous motives, such as to front-run rivals or to operate under multiple different guises.

Anonymous trading is a