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Foreign exchange trading; “Same as it ever was”. A market ripe for disruption Blog,Commentary,Financials

Ray McKenzie

When I first began trading FX in the age when dinosaurs roamed the earth, spot was traded through brokers and once in a while on the Reuters dealing system or via Telex. And of course direct over the phone. It took much prodding, begging and pleading to convince the brokers and the banks to allow Morgan Stanley (where I traded) to be allowed to use the broker market. Our argument was that we really were a customer and not a competitor because we were hedging client flow that the banks wouldn’t see anyway. To some extent that was true, but…