Major innovation is two to four years away.
Will central clearing of Treasuries be in the cards?
The new venue targets trading in FX forwards, swaps, and NDFs.
Once-esoteric gauge of trading efficiency is no longer just the purview of brokers.
How much off-exchange trading is too much?
Are big banks holding back advances in market structure?
R5 and Shanghai Clearing House form electronic market.
Kepler Cheuvreux sees granularity of data as a broker differentiator.
Challenges include illiquidity and fragmentation across borders.