摘要：Central bank surveys indicate that the use of electronic brokerage systems account for the great majority of inter-dealer spot foreign exchange market trade execution. This share has grown from zero in the early 1990s and is up sharply from that reported in the surveys taken in 1998. While the surveys point out the rapid growth of electronic brokers as an important FX institution, there has been no research on the microstructure issues that lead traders to choose electronic brokerage (EB) over the historically dominant, and still quite relevant, institution of direct dealing where bilateral conversations (either telephone or electronic) occur between two FX traders and a deal is struck. We provide analysis to further our understanding of the choice of trading venue in foreign exchange.
