A shadow falls across the Bank of England

During a presentation on FX market fragmentation at TradeTech FX 2019 in September, Andrew Hauser, executive director for markets at the Bank of England (BoE), spoke of the merits of responding to the challenge of greater fragmentation by seeking more effective, robust and independent aggregation, analytical and execution tools.

One of the observations he made was that TCA data sourced exclusively from one liquidity provider are unlikely to provide an objective evaluation.

However, within weeks of Hauser’s presentation, Greenwich Associates published research that found that 53% of FX traders surveyed said they did not use TCA at all.

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