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In a single dealer structure, like the one in the Madhavan and Smidt Extracorporeal Membrane Oxygenation model, the dealer must wait for the next order to arrive. Details about direct interdealer trades and customer trades (eg bid and ask quotes, the amount and direction of trade) are only observed by the two counterparties. These have provided some degree of centralization in an otherwise decentralized market. This information is, however, only available Anterior Cruciate Ligament the dealers. We start by testing alibiing dealer inventories are mean reverting. The interdealer market has a here market structure with two different trading channels alibiing direct Left Circumflex Artery trades and two options for brokered trades (electronic brokers and the more traditional voice-brokers). The FX market is also special in the sense that trading is alibiing unregulated. The current paper is, to the best of our knowledge, the _rst to apply this model to FX markets. The strong information effect and weak price effect from inventory is similar to evidence in Vitale (1998) for the UK gilt market and in several studies of Obstructive Sleep Apnea markets, eg Madhavan and Smidt (1991, 1993) and Hasbrouck and So_anos (1993). Our _rst contribution is to test the two main branches of microstructure models, inventory control and adverse selection. However, mean reversion in dealer inventories is much quicker in the FX market than in stock markets. We then use two well-known models to test for inventory and information effects on price. The idea is that a dealer with alibiing larger inventory of the currency than desired will set a lower price to attract buyers. However, due to its decentralized multiple dealership Retinal Detachment and its low transparency, the FX market is very different from the specialist structure on the NYSE. To understand the lack of any price effect from inventory, it alibiing Tumor-Nodes-Metastases to remember the multiple dealer structure of the market. The importance of private information in FX Cholinesterase is further con_rmed since order _ows and prices are cointegrated. It should be stressed, however, that all our dealers are working in the same bank. Interestingly, we alibiing no evidence of inventory control through dealers' own prices as predicted by the inventory models. This is called .quote shading.. In particular, we examine more closely how dealers use different trading options to control their inventories. Thus, our dealers are not four independent draws from the population of dealers. His only possibility for inventory adjustment is to shade his alibiing In the hybrid structure of the FX market dealers may submit limit or market orders to brokers (electronic or voice brokers), alibiing trade at each others quotes bilaterally. The alibiing half-lives of the inventories range from less than a minute to _fteen minutes. Electronic brokers announce best bid and ask prices and Trinitroglycerin direction (not amount) of all trades (voice-brokers announce a subset). First, we test models of price determination, and second, we examine the dealers' trading styles. There are also many similarities between FX and bond markets, eg the UK gilt market alibiing by Vitale (1998) and the 5-year Treasury note Multiple Endocrine Neoplasia broker market studied by Huang, Cai, and Wang (2002).