For decades, corporate treasurers transacting in the foreign exchange (FX) markets have been feeling their way through the dark.

We're all familiar with the hazards inherent in making our way across an unlit room. When the lights are off, the furniture, floor lamps, and area rugs all seem intent on tripping us, no matter how hard we try to avoid them. Navigating with zero visibility is uncomfortable.

For corporate treasurers who need to make cross-border payments, purchase foreign securities, and/or settle international trade, using an opaque FX platform presents the same risk of getting tripped up that a dark room might present. The global FX marketplace is both immense and highly fragmented. Trades occur 24 hours a day, five days a week, across every time zone. Yet, despite a daily average volume of more than US$5 trillion in the aggregate, FX markets are among the least “lit” of the capital markets.