FX Week USA: Niche services rather than volume set to dominate FX
Conference speakers discuss the changing nature of the foreign exchange market, and agree successful providers in future are likely to be those that can offer a range of niche services rather than those with the highest volumes
Foreign exchange looks set to transition from being an industry dominated by those banks trading the largest volumes to one where major participants specialise in particular niches such as prime brokerage and clearing, according to panellists at the FX Week USA conference in New York on July 14.
"Banks staffed up very aggressively in FX and flow rates after the credit crisis, and I think what we're all finding is that it's a pretty tough environment in which to be full-service, when the marginal
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