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NBIM Calls for Greater Transparency and Verifiability in FX Markets
Norway’s sovereign wealth fund, Norges Bank Investment Management, is calling for greater transparency and verifiability in FX markets because it believes that changes in the market structure in recent years has exacerbated the informational advantages enjoyed by dealers. It believes this change is required because it is the key to mitigating the impact of these informational advantages, without negatively affecting liquidity in what it describes as "this important market". Inevitably, last look is involved, but the paper also highlights issues around algorithmic controls and liquidity provision.

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