When Do Currencies Become International?

James Sinclair Sometimes it’s good to see our assumptions proven statistically. For example, we intuitively know that as the average income of a country’s population grows and the country develops, its currency is more actively traded beyond its borders. In fact, as...

The Missing Billions

James Sinclair What is happening to the largest FX platforms? Many commentators have remarked on August’s dismal FX volumes, but that is not what I am referring to. July and August were quiet in the market as a whole. The issue is the long term trend for the largest...

Randomizing Orders – Feature or Bug?

James Sinclair Professor Larry Harris of the University of Southern California, author of the seminal text “Trading and Exchanges: Market Microstructure for Practitioners”, has many times proposed that exchanges randomize orders on arrival. Professor Harris’ purpose...