GLOSSARY

Aggregator

Aggregator or currency aggregator, is a class of systems used in forex trading to aggregate the liquidity of various liquidity providers.

Aggregators generally offer two main functions; They enable foreign exchange traders to compare prices from different liquidity centers such as banks, global market makers or ECNs such as Currenex, FXall or FX Hotspot and to get a consolidated overview of the market. Some systems support order sweep (an order is divided into chunks that are sent to the respective counterparties based on price, time and other attributes of the quotes of these counterparties), other systems route the entire order to a supplier through a built-in aggregator Order routing algorithm.

FX Aggregator execution is mind boggling as the innovation should be quick (Latencies in microseconds) and adaptable. A few banks fostered their own FX Aggregators and others purchased existing items from innovation merchants.

There are numerous aggregators offered on the lookout: smartTrade LiquidityFX, Thomson Reuters Dealing Aggregator, Liquid-X, Liquidity Pool, FlexTrade, BidFX, Quotix, Integral, Currenex, LMAX Exchange, MarketFactory, EBS Direct, DealHub, Seamless FX, Gold-I Matrix and others.

ZFX aggregate multiple liquidity providers into one pool.

A (4) B (4) C (7) D (4) E (5) F (5) G (1) H (1) I (5) J (1) K (3) L (7) M (8) N (1) O (3) P (5) Q (3) R (3) S (13) T (10) U (3) V (1) W (1)

Asset Class Account Currency Aggregator Ask Price

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