Electronic Trading Takes Over Currency Market Roiled by Scandals
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Electronic trading accounts for more than half of the $5.3 trillion-a-day foreign-exchange market for the first time, according to a Euromoney Institutional Investor Plc survey, as clients seek more transparency after rate-fixing scandals.
Electronic platforms represented 53.2 percent of dealing this year, the first time they’ve accounted for the lion’s share of trades in the survey’s 37-year history, Euromoney said in a statement. Citigroup Inc. was the biggest dealer overall for a second year, though Deutsche Bank AG said it pipped its rival to the top spot for electronic trading.