[kasey_junk]

To be specific there is no exchange or benchmark price for forex. When you trade forex you are directly dealing with the provider of the other side of the price vs a matching engine provided by a disinterested third party.

There are multi-dealer platforms that abstract this but you are still directly covered by your contract with the partner counterparty.

Most direct api integrations and multi-dealer platforms implement circuit breakers but they aren’t regulated like equities or futures exchanges.

Compare that to the link which is a forex futures exchange which is subject to cftc regulations around circuit breakers.

[cottager2]

Directly dealing with a counter party is called a market. A “market maker” is called so because they literally create a market by ensuring there is always is a counter party.

[kasey_junk]

The vocabulary you are using is not the way it’s used typically.

Perhaps you have some point different to mine but I can’t discern it because to me you are speaking a different language.

The important thing to understand is that circuit breakers as used at nyse or cme or cboe or lse are only possible because you aren’t dealing directly with your counterparty. There is an intermediary.

So perhaps we agree?