Part fills add to liquidity woes and sharp price moves

Not trading in full amounts makes market-making harder and more expensive for clients, say market participants

David Cooney, MahiFX: "The degree of market moves, given a certain amount of risk, has grown massively"

Part fills are exacerbating sharp shock moves in currency markets and contributing to the repricing of liquidity, as market-makers are being forced to price in the probability and potential penalty they may have to pay if gapping occurs.

Liquidity conditions have been posing problems to sell-side market participants and customers, whose ability to find suitable liquidity is diminishing, and prices are rising as a result. Sharp, short price moves have also become common, so it is extremely