The TRADE has published an interview with Nathan Vurgest of Record Financial Group, in which he sets out his view of what lies ahead for FX market structure.

The source material available to Order Flow Brief consists of the article headline and byline only. The piece is framed as a forward-looking assessment of the FX market structure horizon from a practitioner at one of the larger currency managers, and it appeared on The TRADE's news feed.

Because the full text of the interview did not accompany the headline in the distribution feed, this desk cannot yet report which specific structural questions Vurgest addresses — whether liquidity fragmentation, last look practices, FX settlement risk, algorithmic execution standards, or the post-trade stack. Nor can we verify any volume figures, timelines, or policy references he cites.

We treat published practitioner commentary as data to interrogate rather than accept. Until the underlying text is available, desks should hold off on treating this interview as confirmation of any specific market-structure claim. The TRADE has not indicated a follow-up or correction, and the interview remains live on its site.