1. Notes: Figures 30 and 31 demonstrates the daily average of the EUR/USD increments needed to create triangular arbitrage opportunity. This value has decreased after the introduction of algorithmic trading in EBS market and it has increased starting the financial crisis;Figure,2004
2. Figure 1.24. EUR/USD exchange rate
3. First time applicants to the Worker Registration Scheme, United Kingdom, May 2004 to December 2008
4. Figure 32 indicates the increasing binding spread for the EUR/USD, however, it decreases during the financial crisis;Mmc Eur?usd Bid;Figure
5. Micro effects of macro announcements: Real-time price discovery in foreign exchange;T Andersen;American Economic Review,2003