Electronic FX market structures are fragmented across multiple competing ECNs and multi-bank platforms. To access competitive pricing, modern corporate desks use Liquidity Aggregation Engines.

[Treasury Files Order Request] ---> Ingests Feeds from Multiple ECNs ---> Sorts Best Bid-Ask Spreads ---> Splits and Executes Order

Liquidity aggregators use smart order routing (SOR) algorithms to combine fragmented liquidity feeds into a single virtual order book. The system automatically splits large corporate currency orders and routes the fractions to the venues offering the narrowest spreads, minimizing transaction costs and market impact.