The Future of FX Institutional adoption of crypto is clearly impacting FX but there will undoubtedly be significant changes ahead. FX brokers offering crypto trading to clients need to operate at weekends, and this could pave the way for FX to be traded 24/7 too. A recent industry survey by Accuiti backed this theory up, with 80% of respondents believing that 24/7 trading will become a reality in some form. This change would have enormous implications for liquidity provision, risk management, and operational workflows across FX.
We expect to see a rise in the number of FX brokers offering cryptos but we may also see crypto funds and digital-asset specialised prime brokers participating in FX markets too.
As institutional adoption of digital assets accelerates, there may be further shifts that impact FX. For example, FX brokers may use stablecoins as settlement collateral between LPs and exchanges, reducing delays and counterparty risk. They may also run multi-asset offerings where crypto, FX, and tokenised assets share a single liquidity pool.
On a regulatory level, FX and crypto markets could become more integrated, with standardised reporting for both FX and crypto trades, unified market conduct rules, joint supervision of multi- asset brokers, clear capital and liquidity rules for crypto exposures.
Embrace The Change FX is a mature, robust market but the rise of crypto is forcing a rethink of infrastructure, risk and product offering. The opportunities with crypto are huge but financial institutions needs to adapt or they will be outpaced. Those deploying multi-asset thinking now, and treating crypto as a strategic extension of their offering rather than a separate niche, will likely reap the rewards.
Tom Higgins E:
tom@gold-i.com T: +44(0) 1483 668 988
Brokers: providing client-facing trading and risk management.
Prime of Primes: offering credit, aggregated liquidity, and market access
Exchanges: centralised venues offering transparent order books.
ECNs:matching engines connecting institutional flows across venues.
Market Makers: providing continuous liquidity and tighter spreads.
Prime Brokers: offering credit, settlement, and financing services for institutional traders.
Custodians: securing digital assets with institutional-grade safeguards.
As crypto and FX converge, these roles will mirror their FX counterparts, but with on-chain settlement, tokenised collateral, and 24/7 operations.
THE RISE OF 24/7 CRYPTO TRADING COULD TRANSFORM FX LIQUIDITY, RISK MANAGEMENT, AND OPERATIONS, AS MARKETS BECOME MORE INTEGRATED AND INSTITUTIONAL ADOPTION ACCELERATES.
11 | ADMISI - The Ghost In The Machine | Q4 Edition 2025
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