The following report is based upon a presentation made by Justyn Trenner, CEO & Principal of ClientKnowledge, at the recent Euromoney Seminars 7^th Annual Foreign Exchange Markets Summit.

· There is much hype in the fx market - it is important to understand what is really happening.

· The market remains and is likely to remain fundamentally dealer-intermediated market (as it is today for more than 95% of all activity) for the foreseeable future.

· Algorithmic trading is only a marginal percentage but it dramatically impacts the need to manage pricing and liquidity in millisecond timeframes.

· A larger and fast moving market will support a variety of liquidity venues.

· Making money in this environment will be a technology and intellectual (quantitative) play for most, more than a traditional trader's play.

· Banks must leverage the hard data they see in their client flows in real-time to access this opportunity.