LMAX Exchange CEO, shares his views at the FX Week Europe 2016 conference panel ‘Liquidity under the microscope’: Is the rise of non-bank market makers creating a more liquid, transparent, efficient FX market, raising the bar and improving technology? The panel focused on discussing the differences and similarities between ‘bank’ vs ‘non-bank’ liquidity as well as the criteria that the market participants use to assess execution quality and costs, such as last look vs firm liquidity, fill ratios, reject rate. The panel concluded with each participant’s perceived views on the expected market changes in 2017.