Forex brokers hit back at ‘flash’ traders
By Philip Stafford and Alice Ross in London and Michael Mackenzie in New York at Financial Times
Foreign exchange brokers are hitting back against the growth of ultra-fast traders in the forex market by clamping down on potential predatory practices.
EBS, the currency trading platform owned by ICAP, the interdealer broker, on Tuesday said it would clamp down on activities such as “flash” orders – automatic trades made at lightning speeds by so-called “high-frequency” traders.