
Bilateral streams slash FX trading costs by 80%, dealers claim
Risk Live: At some banks, 70% of spot is now traded via bilateral feeds

The market for spot foreign exchange has largely shifted from traditional trading venues to bilateral streams, where transaction costs can be as much as 80% lower for large trades, dealers claim.
Srichakri Adhikarapatti, global head of electronic FX, rates and credit quant trading at UBS, says “upwards of 70%” of the bank’s spot FX business is now traded bilaterally via electronic interfaces known as APIs.
The primary inducement is price. According to David Leigh, global head of FX spot and
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