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And Finally...
Over the years the most powerful criticism aimed at e-commerce and its potential impact on markets has not been about volatility, or market behaviour generally, it is its lack of flexibility – why else, for example, has the FX swaps market not become more automated in recent years? This is a genuinely intriguing question and whilst in the past it was hard to see how it could happen - thanks to resistance on bank and broker side - now I am definitely picking up a different vibe.

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