For a foreign exchange settlement network we construct profit attributions and relate them to centrality. Our sample (from CLS Bank) spans diverse currency pairs, participants, and execution platforms. For each settlement we define the average centrality differential as the return to the...

1. Introduction. 2. Trading Mechanisms. 3. The Roll Model of Trade Prices. 4. Univariate Time-Series Analysis. 5. Sequential Trade Models. 6. Order Flow And The Probability of Informed Trading. 7. Strategic Trade Models. 8. A Generalized Roll Model. 9. Multivariate Linear Microstructure Models....