In 2015, the structure of the FX market for spot liquidity is approaching a tipping point. This tipping point is emerging because of increasing levels of similarity between the characteristics of dealer-to-dealer (D2D) spot FX liquidity pools, which are no longer dominated by market-making investment banks, and the characteristics of dealer-to-client (D2C) trading venues, wherein the sellside now focuses the bulk of its market-making activities. GreySpark Partners interprets these facts as the early signs of an emerging all-to-all (A2A) market for spot FX trading.
