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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: