This report evaluates the shifting market structure in the currencies market, with particular focus on the spot FX market. By evaluating 14 leading spot FX brokerage venues in 2016 and 2018, the analysis traces the increasing incorporation of non-traditional liquidity providers and broadening liquidity pool offerings of the evaluated multi-dealer platforms. These changes are contextualised as both drivers and results of changing FX trading business models among both buyside and sellside market participants, as well as the evolving FX e-trading technology landscape.
