Esma probes blurry line between FX vendors and venues

Forex liquidity aggregators resemble trading platforms – but are not regulated as such, critics charge


Europe’s markets regulator is investigating claims some middleware firms in foreign exchange are de facto trading platforms, without being subject to platform regulations.

The firms aggregate prices provided by dealers on multilateral trading facilities (MTFs), and some market participants argue they should be subject to the same rules as the underlying trading venues.

“Some venues are basically saying they’re not an MTF. But you look at them and say, hang on, if it looks like a duck and

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