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And Another Thing...
This week's Bundesbank paper on HFT in bund and equity markets caused a stir - as anything on this subject does of course - and it highlights to me again, how FX is in front of other markets in being inclusive and functional. It is significant that while some regulators want FX to be equities-like in market structure, more are looking to an FX solution - the speed bump - to save equity market problems. I am not sure we should be talking about speed bumps for the real issue is the dysfunctional liquidity stream.

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