
Is there an optimal time to trade FX?
CME’s Phil Hermon delves into futures data to search for the ‘hidden liquidity’ available during the trading day

The global foreign exchange market is arguably the most fragmented of all financial markets in terms of trading venues and access to liquidity. A multitude of trading venues, aggregators, brokers and single-dealer platforms provide customers with choice, but this fragmentation brings complexity and potential trading inefficiencies, too. Consequently, the need for high-quality market data and analytics that allow traders to optimise their execution has become increasingly important.
In a recent
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