The bulk of trading volume appears to be accounted for by several large firms. Most of the activity occurs on the inter-dealer electronic broking platforms (Reuters and EBS) and the multi-bank electronic communication networks (ECNs, such as Currenex, Hotspot and FXall). The various platforms have differing technologies, trading rules and trading parameters. For example, there are varying restrictions on quote life and fill ratios.
However, amid the continued low economic growth, the environment surrounding securities markets has been severe and there has recently been concern over a decline in the competitiveness of Japanese securities markets compared with those overseas. II.