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It also highlights how devilishly difficult it can be to determine fair pricing in the relatively opaque currency market. BestX was founded by Oliver Jerome and Pete Eggleston, who previously worked in foreign exchange at Morgan Stanley.

It can be easier to inspect other markets. BestX pulls together prices from many liquidity providers to come up with a measure for its benchmarks.

Market impact -- how much prices move after a series of trades has begun -- is one consideration. Last look also complicates things.

When a market maker backs out of a trade, that could cost an investor money. Using a third party allows JPMorgan to sidestep that problem. XTX says it may partner with other firms and open source its system.

eXecute | J.P. Morgan

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