Recent press coverage (here) about top Global FX banks setting up a new ‘inter-bank’ only FX platform, dubbed “PureFX”. At first glance, this looks like a repeat of ‘doomed’ BrokerTec Consortium (set up in 1999 by 14 top banks, and sold to ICAP in 2004), where top Fixed Income Primary Dealers, who were concerned about level of brokerage being paid,...