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The FX market, contrary to most other asset classes is an almost entirely fragmented over-the-counter market, aside from the very small number of FX futures that are trading at relatively low liquidity levels. Customers Customers will very rarely encounter a single serious liquidity provider that will take a stab at estimating total traded volume in any of the currency pairs. Having said that, there are some brokers that may show traded volume that crosses their own books, only.
To further confound the picture it is not appropriate
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to compare FX markets with any listed cash equity, futures, or options market.
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Why is this the case?
In
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some pools the actual liquidity still comes from various firms. If considered closely a 200 million block in the end passed from one participant to the other, while each participant in the chain retains a small chunk until it is split up sufficiently for the remaining participant to hold. So the same 200 million or part of it may pass the same brokers and order books several times before it is swallowed up by those the risk eventually ended up with.
What MarketFactory will in time be able to do is leverage it's unique market access and substantial Market Data portfolio to provide a vivid view of the historic movements of the FX market across venues at a resolution not previously seen before through
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the use of a broker or trading venue. This product is presently only a concept but will remain in the sights of the MarketFactory's Product and R&D teams for future Development.
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