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Reading: Internalisation pattern driving FX market opacity to new highs
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Market

Internalisation pattern driving FX market opacity to new highs

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Last updated: November 17, 2025 2:21 pm
Editor
Published: November 17, 2025
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Internalisation pattern driving FX market opacity to new highs


The rising shift of overseas trade spot market volumes into liquidity suppliers’ internalisation engines has made real-time visibility into the true magnitude of volumes traded available in the market increasingly troublesome.

Throughout intense intervals of excessive volatility, corresponding to April’s tariff turmoil, liquidity suppliers famous that the flows they internally match inside their shopper franchises considerably exceeded these carried out on the general public markets.

This pattern has grown as banks have continued to

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Reading: Internalisation pattern driving FX market opacity to new highs
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