Bankers have claimed a scalp in a backlash against ultra-fast traders that has turned the foreign exchange markets into a battleground between high-tech trading systems and old fashioned dealing by “real” people.
ICAP, the world’s largest interdealer broker, has come down squarely on the side of the humans, announcing plans to clamp down on “disruptive” practices by high-frequency traders on its popular forex platform EBS.
Investment bankers have been complaining for years that HFTs, often automated models trading at lightning speeds and owned by hedge funds, distort the market, prompting regulatory scrutiny.
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