You are here

Wall Street banks partner high-frequency traders to fill void left in proprietary desks

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.


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 (GTS) and Virtu Financial Inc to help complete their clients'...