Ok. So what you really mean is that you (or your liquidity partners) participate in multi dealer platforms so you have a large number of trade desks to work with. But even adding the big players together like Integral, CME & CBOE gets you to what less than 1% of the daily fx liquidity?
That’s fairly far off of the expectation you set by saying you offer “the interbank rate”. Which is a pure marketing fiction.
For context the FX desk at JP Morgan by itself provides about the same volume as any of those aggregate platforms.
[later] fwiw I don’t think how you get to your rates particularly matters so long as they are competitive and your service seems like a valuable addition to the mix of consumer options. I get hung up on this because the fx market is notoriously opaque because the major players want it to be and I think leading people to believe there is some sort of benchmark rate adds to that morass.
That’s fairly far off of the expectation you set by saying you offer “the interbank rate”. Which is a pure marketing fiction.
For context the FX desk at JP Morgan by itself provides about the same volume as any of those aggregate platforms.
[later] fwiw I don’t think how you get to your rates particularly matters so long as they are competitive and your service seems like a valuable addition to the mix of consumer options. I get hung up on this because the fx market is notoriously opaque because the major players want it to be and I think leading people to believe there is some sort of benchmark rate adds to that morass.