Trading

Non-bank market-makers appear to pass Brexit test

These firms – often accused of creating fair-weather liquidity that disappears when markets get stormy – kept currencies trading on June 24

Non-bank market-makers appear to pass Brexit test
Photo: iStockPhoto

Non-bank market-makers have been accused of creating fair-weather liquidity that disappears when markets get stormy. But during the typhoon of June 24, market participants said they continued to function.

These firms proved their commitment to foreign exchange trading and may have outpaced some bank rivals during the high volatility following the referendum on the UK's membership of the European Union on June 23, according to market participants.

WSJ Logo