Wall Street banks struggling with recently defanged currency-trading desks have found a surprising ally: high-frequency traders.
Banks are directly connecting to price feeds from Global Trading Systems LLC and Virtu Financial Inc. to help complete their clients’ currency orders, according to the chief executive officers of both computerized-trading companies. By working with the HFT firms, banks benefit from narrower gaps between buying and selling prices without having to reveal their trades in the wider market or pay fees to use external venues.
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