In recent years, the FX options market has been evolving away from the somewhat archaic over-the-counter voice execution model. Between the end of the global financial crisis and the start of the pandemic, and aided by a prolonged period of low volatility, banks increased their electronic market-making and risk management capabilities.
Progress towards electronification of FXOs has been steady rather than spectacular, and the sector lags behind other asset classes. Yet the return of volatility
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