Convincing buy-side clients to execute on a single dealer platform (SDP) is a tough sell.
Even though banks maintain that executing on SDPs will result in zero information leakage to the wider market, best execution requirements mean it is almost impossible for asset managers to trade on a platform operated by a single dealer. And so most go to the likes of FXall and Bloomberg, where they can put multiple banks into competition for the best price.
True, SDP volumes have improved. According to a study by the Bank for International Settlements (BIS) published last year, average electronic spot FX trading…
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