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The Global Foreign Exchange Market: Growth and Transformation

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    Abstract

    Barker examines changes in the foreign exchange market, which is in a period of transition. Since the mid-1990s, three closely inter-related and mutually reinforcing factors--electronic trading platforms, a changing mix of market participants, and computer-driven algorithmic trading strategies--have been accelerating market growth and are creating a profound structural transformation. As the balance of market participation shifts between bank and non-bank accounts, large and small participants, and domestic and global players, the market is adopting some of the characteristics of an "exchange" model and is arguably becoming more liquid and operationally efficient.

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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2010/06/barker.pdf
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    Bibliographic Info

    Article provided by Bank of Canada in its journal Bank of Canada Review.

    Volume (Year): 2007 (2007)
    Issue (Month): Autumn ()
    Pages: 4-13

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    Handle: RePEc:bca:bcarev:v:2007:y:2007:i:autumn07:p:4-13

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    Cited by:
    1. Ding, Liang & Hiltrop, Jonas, 2010. "The electronic trading systems and bid-ask spreads in the foreign exchange market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 20(4), pages 323-345, October.
    2. Paola Gallardo & Alexandra Heath, 2009. "Execution methods in foreign exchange markets," BIS Quarterly Review, Bank for International Settlements, March.
    3. Chen, Shikuan & Chien, Chih-Chung & Chang, Ming-Jen, 2012. "Order flow, bid–ask spread and trading density in foreign exchange markets," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 597-612.

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