The Missing Billions

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?

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...