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Research finds EUR/USD spreads widened eightfold as non-bank PTFs blew out by almost 30 instances in November halt
The November 28 failure of a Chicago information centre that knocked out CME Group’s overseas change venues for roughly 11 hours uncovered the reliance of the market – significantly non-bank market-makers – on futures pricing and liquidity, a brand new research by the Swiss Nationwide Financial institution has discovered.
Forex pairs with actively traded CME futures contracts and whose main buying and selling venue is CME-owned EBS Market suffered the worst deterioration, with bid/provide spreads widening by as much as eight instances. Pairs routed
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