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How November’s halt uncovered fragile wiring of recent futures-led market construction
International trade futures account for roughly 2% of whole spot and outright forwards quantity. But when CME Group’s futures trade and the EBS spot venue went darkish on November 28 final 12 months, bid/provide spreads on the foreign money pairs with energetic futures contracts ballooned by two to 4 occasions their regular width – and for some non-bank liquidity suppliers, by as a lot as 124 occasions.
“It’s fairly spectacular that CME futures’ momentary closure brought about market spreads to balloon out by 2-4 occasions in comparison with
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