Latest Research


The Paz Activity Curve

The Paz Activity Curve is a novel way to visualize FX turnover by type of economy, and offers timely insights regarding the post-Brexit reshuffle of FX trading operation desks.

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2019 Retail Trading Market Overview

 Retail trading of leveraged products such as contract for difference (CFDs) and retail FX have experienced a steady growth in recent years. Forex Datasource estimates that retail brokerage firms generated trading revenue of as much as US$9 billion in 2018, with US$7.3 billion occurring outside of Japan, compared to global revenue of US$1.5 billion in 2003.  

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2019 E-FX Platform Ranking

The bloated list of 44 FX multi-dealer platforms shrinks in half if we isolate unique MDP franchises. As to why we observe such a high number of E-FX venues and why we may yet see a few more MDPs arrive ꟷ particularly in the APAC region ꟷ the main driver is clear: Increased regulation of OTC FX at the regional level and still ongoing merger and acquisition activity.  

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The Japanese Retail Trading Experience

The vibrancy of Japan’s brokerage scene takes place within a credible regulatory environment and begs the question of how industry and regulators were able to strike a balance that achieves sensible industry growth. Japan’s retail FX trading has reached highs of US$250 billion per day, and it has been adopted by roughly 7% of the country’s adult population and 15.5% of the population holding investable assets.  

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Alpha and the Pursuit of Execution Quality

Best execution in foreign exchange (FX) encompasses a number of steps taken at various times: pre-trade, at-trade, and post trade. To achieve best execution systematically, sophisticated buy-side and corporate users generate a set of best execution policies and deploy tools that help achieve that end, while measuring policy compliance and alpha generation. 

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Spot FX Average Trade Size by Pair

This paper examines CLS, central bank, and Bank for International Settlements data to illustrate how average trade size in the over-the-counter (OTC) spot FX market varies longitudinally, by time of day, by FX pair, and by factors such as counterparty type and use of prime brokers. 

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2019 Best-in-Class Study, free report