Agent: A Market Participant that executes orders on behalf of its Clients pursuant to the Client mandate, and without taking on market risk in connection with the order.
Algorithmic execution: Trade execution through computer programs that apply algorithms. For example, at the most basic level, a computer program automates the process of splitting a larger order known as the ‘parent order’ into multiple smaller orders known as ‘child orders’, and executes them over a period of time.
Applicable Law: With respect to a Market Participant, the laws, rules, and regulations applicable to it and the FX Market in each jurisdiction in which it does business.
Axe: An interest that a Market Participant might have to transact in a given product or currency pair at a price that may be better than the prevailing market rate.
Client: A Market Participant requesting transactions and activity from, or via, other Market Participants that provide market making or other trade execution services in
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