[princeb]

i have never been in fx but this is what I heard:

these kind of clients

1. don't want to pay fees

2. don't want any risk

3. just want a single publicly available price (the WMR fix) to simplify accounting (fx, financial, mgmt, risk and all the disparate ERP systems that a company can be hooked up to)

so the whole market is set up this way.

oh... the e-brokerages like hotspot or whatever would drool buckets at the prospect of global corporates going direct to market rather than through the dealers, but all these companies have decided to cede control to the banks because they don't want to deal with any of the difficulty of fx execution. and so you have this.