By Boris Schlossberg at BKForex
At the beginning of last week, Bloomberg ran a long story mourning the demise of the bank FX trader. “Take the pay cut, ” warned one veteran darkly. “Oh, and don’t wait for the phone to ring.”The computers have taken over. The algos now do most of the market making and HFT firms like Virtu dominate flow whittling margins to a tenth of pip. Long gone are the days when you could take your mates for a beer and get preferential treatment on client flow.