Single-dealer platforms win in Mifid forex shake-up

Best execution rules not driving liquidity away from sole dealer platforms as expected

Single-dealer platforms win out
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Mifid II, the new legislation overhauling financial markets in Europe, has shifted a large chunk of foreign exchange derivatives trading to electronic platforms. This much the industry predicted in the build-up to the regime’s January 3 launch.

What the industry did not predict was that the main beneficiaries would be platforms operated by sole dealers.

Received wisdom held that the lion’s share of new volumes would go to multi-dealer platforms, owing to their supposed advantage in ‘best

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