re: aim Sorry not true, the Bank B/S spread for non-interbank is either side of the interbank spread! They buy from customers at a lower price & sell at a higher price to the interbank spread & for retail customers they designate a price toward the end of the day to provide a fix for the next 24hrs. That fix may be related to the "last" trade in the interbank market (as the market doesn't close that is an arbitrary time), their own last trade, or a price related to their own book position.
brokers, page-14
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