ReutersBanks strengthen their grip on the foreign exchange market as algo trading grows, according to a survey. According to a widely monitored industry poll, top global banks tightened their control on the $6.6 trillion per day global foreign exchange market last year, with new entrants relinquishing position. JP Morgan, UBS, and Deutsche Bank took the top three spots in the widely watched Euromoney FX survey in 2020, with a combined 30% share of the market, as investors flocked to vendors offering more electronic trading and algorithmic tools in a year when the COVID-19 pandemic disrupted traditional trading arrangements. Due to the epidemic, there was a spike in market volatility in March, which coincided with a halt in trading, which was historically centered on big trading floors at banks and hedge funds in Hong Kong, London, and New York, as offices closed and employees were sent home./n
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