Electronic trading execution methods (as defined by BIS) account for 55% of all spot trading, represented collectively by electronic broking (interbank), MDPs, and SDPs. Of the three electronic execution methods, interbank systems (i.e., EBS and Thomson Reuters) have one of the largest shares of the spot FX market, at 26%.
Retail aggregators do not appear on this execution venue list because they are counted as bank clients in this BIS survey. Inter-broker dealers like ICAP and Tradition capture 47% of FX swap business (voice broker plus inter-dealer direct percentages) as well as 35% of FX options volume.
When looking at electronic trading platforms, both single- and multibank platforms compete actively in two markets: FX spot and outright forward markets.
