Today the grip of the world’s biggest banks on the $5.3-trillion-a-day currency market is under threat. After the Swiss National Bank stunned the world in January by abandoning its price cap on the franc, some banks sought to reduce their losses by trying to renege on transactions. Dealers including Bank of America Corp., Barclays Plc and Goldman Sachs Group Inc. approached customers about changing some trades, according to people familiar with the discussions.
The banks’ attempts to reopen deals present their rivals -- electronic trading venues and established exchanges -- with a new argument in their battle for market share. Buying and selling currencies commonly takes place between a bank and its customer through over-the-counter trading. The big dealers will quote different prices depending on their relationship with the customer. They will also tweak prices according to the credit quality or sophistication of the client seeking to trade.
Some foreign-exchange trading takes place on third-party venues run by electronic systems, established exchanges and inter-dealer brokers. So what does the market operator do. The markets operator didn’t reject any trades, and only paused trading while it waited for liquidity to return and amended its rules for trading during extraordinary events.
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