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ICAP signs banks to tackle FX algo trading
Broker Icap (IAP.L) is working with clients Citigroup (C.N), Deutsche Bank (DBKGn.DE), JP Morgan (JPM.N) and Morgan Stanley (MS.N) to counter risks arising from the growth of high-frequency trading in the foreign exchange market. The banks, which are among the largest FX trading firms, have signed up to a new service from Icap-owned Traiana that enables them to watch their clients' trading across various FX platforms and cut off credit lines in real time if necessary. "The increase in high-frequency trading and algorithmic FX trading has made the provision of adequate control and real-time risk management of ... (full story)
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