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...Bis working papers no information flows in foreign exchange markets dissecting customer currency trades by lukas menkhoff lucio sarno maik schmeling and andreas schrimpf monetary economic department march revised jel classification f g keywords order flow risk premia heterogeneous carry are written members of the bank for international settlements from time to other economists published on subjects topical interest technical character views expressed them those their authors not necessarily this publication is available website www org all rights reserved brief excerpts may be reproduced or translated provided source stated issn print online lukasmenkhoff luciosarno maikschmeling andandreasschrimpf abstract westudy ows world s largest over counter mar ket market analysis draws a data set covering broad cross section currencies di erent segments end users results suggest that highly informative about future ex change rates provide signicant value we also nd groups can share with each e ...