The Bank for International Settlements (BIS) Working Paper No. 1094, titled "The foreign exchange market," examines the structure and functioning of the spot foreign exchange (FX) market. The authors, Alain Chaboud, Dagfinn Rime, and Vladyslav Sushko, discuss how the market structure has evolved over the past three decades, with major banks losing their dominant role to high-frequency trading firms in an increasingly fragmented electronic market. The information structure of the market has also changed, with high-frequency cross-asset correlations becoming more important. The authors conclude that the FX market is a complex and dynamic system that is subject to significant regulatory oversight.
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