James Sinclair was quoted in a Bloomberg regarding the decline in average-daily FX turnover in the UK dropping to $2.6 trillion in October 2018.

“Forwards are not as transparent as spot,” said executive chairman and co-founder James Sinclair, who is also a member of the Foreign Exchange Committee. “Under MiFid II, you have to take all sufficient means necessary to give customers the best results. The tools available to do that are most available in the spot market, rather than forwards.”

Read the article here: https://www.bloomberg.com/news/articles/2019-01-29/fx-trading-slumps-globally-as-swaps-forwards-fall-out-of-favor