Research Spotlight

FX Platform Trends


e-FX MDP market size, number of FX MDPs by FX product, key player market share, business model comparison, M&A activity in context. Link

Retail FX in Japan


Retail FX ADV (Japan v. non-Japan), key brokers ranked by various KPIs (ADV, client count, client deposits. spreads), key FX pairs, client demographics, and marketing themes. Link

Spot FX Trade Size


Trade size variations are examined in multiple ways, by: FX product, region,  counterparty type, time of day, and currency pair. Link

Trade Execution Quality


Suitability of trade performance mechanisms, transaction cost analysis in FX, best execution components, pre-trade and at-trade factors. Link

Buy-Side FX Trends


We have experience fielding FX buy-side studies and have built rapport with the firms (banks, fintech vendors, and platforms) serving them. In-house expertise

The Geography of FX


We have carried out addressable opportunity studies for various major players, of which one was a large FX infrastructure firm. Our expertise in global FX ADV across various parameters is unsurpassed.  

2019 Best-in-Class Study, free report

Press Coverage



Javier Paz gives Lananh Nguyen some takeaways on the acquittal of so-called FX Cartel members and its impact on the OTC FX industry. Story link (free access)

Financial Times

Hannah Murphy interviews Javier Paz regarding the controversy of mixing sports sponsorships with cryptocurrency brokerage firms. Story link (access by subscription)


Paul Golden interviews Javier Paz on his latest FX multidealer platform report. Story link (free access)

FX Week

FX Week editor Eva Szalay interviews Javier Paz on his latest FX multidealer platform report. Story link (access by subscription)


Lananh Nguyen interviews Javier Paz regarding the size of the nonbank FX liquidity market. Story link (free access)


Javier Paz speaks to CBNC's Evelyn Cheng regarding the zero-commission, Robinhood business model. Story link (free access)

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Insights Shared on Social Media


Quantamental Science and Execution Engines in FX

This article speaks regarding the pursuit of alpha or of trade execution efficiency within FX by means of quantamental science and execution engines. LinkedIn post

2018 E-FX MDP Market Share Preview

Consolidation is afoot on the FX MDP space, and it is not yet done. This is our own preview of a well-received 2018 report on the state of affairs within the FX MDP space. LinkedIn post

Aligning QEA Drivers in the Pursuit of Alpha

 The rise in eFX trading activity and in adoption of pre-trade and real-time analytic tools has placed increasing importance in what is now termed “quality execution analysis”. QEA is focused on analyzing pre-trade liquidity, at-trade market impact, and on-the-fly strategy change implications of FX orders executed via exchange-like market environments known as central limit order book (CLOB)  LinkedIn post

Sizing Up NonBank FX Liquidity

 It’s easy to give an opinion that banks are losing market share to nonbank market makers, but to try and prove it is challenging. Banks are indeed losing market share to nonbanks, and for that matter also to peer-to-peer trading and to nonreporting banks .. LinkedIn post

Intuition or Quantitative Rigor in Setting FX Trade Size?

How do you as an institutional trader set spot FX trade size and what is your ideal time to trade your favorite pair? This article summarizes a report on the topic. LinkedIn post

Hourly and Regional OTC FX Liquidity

 View our concrete estimates of how FX liquidity fluctuates by the hour, as the three major trading centers – London, New York, and APAC centers – continuously administer global FX exposures during their respective hours of operations before passing such duties to the next region.   FXDS post