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Why central banks aren’t worried about FX algos – for now

Disclosure failings have been fed into review of FX code; other risks are profound, but distant, says Andrea Maechler

Andrea-Maechler of the Swiss National Bank
Andréa Maechler, Swiss National Bank
Louis Rafael

A positive change, with hidden dangers. That’s the shortest version of the 55-page study published by almost two dozen central banks in November, after months of research into the growth and use of execution algorithms in foreign exchange markets.

In this interview, Andréa Maechler – the Swiss National Bank (SNB) governing board member who chaired the banks’ work – explains what she and her

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