Transparency in the FX Market

The biggest customer group is comprised of various financial institutions, such as institutional investors or asset managers. They have actually retrenched somewhat from international investment in general because of higher risk and uncertainty. This is then also reflected in their activity in FX markets. When markets are volatile and unpredictable, dealers take a more risk management approach which results in more trading with other dealers. And finally, you raised the issue of transparency in the FX market. The survey shows that a greater portion of trading is done in a way that is less visible, not as transparent. It is this type of trading that a counter-full lower market share this year compared to three years ago.