Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still performed in opaque and decentralized markets. In particular, the two-tier market structure consisting of a customer segment and an interdealer segment to which only market...

In this paper we provide evidence for Evans and Lyons' (2005b) model of an information aggregation process in FX markets using a German bank's end-user order flow from 2002 to 2003. Though customer order flow is unambiguously the vehicle incorporating non-public information into exchange rates...

Vietnam's foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general economic reform. This paper adopts a market microstructure approach to the investigation of possible reasons underlying this situation. The analysis suggests that the...

Vietnam's foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general economic reform. This paper adopts a market microstructure approach to the investigation of possible reasons underlying this situation. The analysis suggests that the...