FX aggregators flirt with scrutiny over brokerage charges

Making dealers pay for trades raises ‘payment for order flow’ questions

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UK regulator probed listed derivatives brokers in 2018 and 2019
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Price aggregators in the foreign exchange market could be inviting regulatory scrutiny if they collect a commission from dealers on the trades the platforms facilitate – a brokerage charging model that regulators have been discouraging as part of a clampdown on payment for order flow (PFOF).

Regulators argue brokerage models create a range of conflicts, potentially resulting in particular market-makers getting preferential treatment – and consumers of liquidity losing out. Over the past two

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