We all know technology has changed the FX industry, but the reality of the modern foreign exchange market is that the underlying function is the same as it has always been – it just takes place, largely, on a different median. Over the past five years or more, however, there has been a much more fundamental and potentially serious change in the industry – the relationship dynamic is very different and continues to be under threat thanks to regulation and ridiculous attitudes.
Tag: FX relationships
I was going to discuss a paper released by the Bank of England late last week entitled A discrete choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance but not only was I asleep by the end of the title, I was also taught never to discuss things I don’t understand – and I don’t even understand what a “discrete choice” is!
Instead I want to continue last week’s theme of the relationships in FX, this time looking at the choices around the make up of aggregators.