FOREX BROKERS

Until recently, foreign exchange brokers did large amounts of business,facilitating interbank trading and matching anonymous counterparts forsmall fees. Today, however, much of this business has moved on to more efficient electronic systems, such as EBS (now owned by ICAP), Reuters Dealing 3000 Matching (D2), the Chicago Mercantile Exchange, Bloomberg,and TradeBook(R). The broker squawk box lets traders listen in on ongoing interbank trading and is heard in most trading rooms, but turnover is noticeablysmaller than just a few years ago