Forex specialists predict consolidation

Foreign exchange markets will experience further consolidation in 2009, while larger banks will continue to dominate algorithmic trading, according to a panel of industry experts speaking at the FX Week Europe conference in London yesterday.

Jeremy Smart, head of electronic foreign exchange sales at Morgan Stanley, said: "Whenever you get market dislocations like this you see a period of consolidation afterwards and I think that will happen this time round too, in 18 months' time there will be fewer people in the forex market." Marco Pelizzoli, co-head of global foreign exchange e-solutions at Bank of America agreed, commenting that "there will be fewer organisations".

Smart suggested the remaining smaller banks would "revert to type

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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