Either Way Market: FX dealer quoting explained
By Ken Chigbo, Founder, KenMacro. Published 2026-05-13.
Quick answer
An either way market occurs when a dealer quotes the same price on both the bid and the offer side, meaning a counterparty can buy or sell at the identical level. It signals a temporarily locked or extremely narrow market, often during quiet liquidity windows or just before a major data release.
What is either way market?
An either way market is a quote condition in interbank foreign exchange where a single dealer shows the same price on both the bid and the offer. Instead of the usual bid lower than offer arrangement, the spread collapses to zero from that dealer’s perspective. The counterparty can transact in either direction at the same level, hence the name. This typically appears in voice broker markets, in less liquid crosses, or during transitional sessions when dealers are reluctant to skew pricing. It is a fleeting condition, distinct from a crossed market where the bid sits above the offer across different dealers.
How traders use either way market
Retail traders rarely see either way quotes directly because aggregated electronic feeds blend many dealers, smoothing out individual quotes. Institutional desks watching voice broker screens or single-dealer platforms treat the condition as a liquidity signal. The desk notes that either way prints often cluster around the Tokyo to London handover, around fixings, or in the minutes before scheduled releases when dealers withdraw skew rather than commit a direction. Execution traders use the signal to delay non-urgent flow, since slippage risk rises once the quote refreshes. Algorithmic desks tag the print as a microstructure anomaly worth filtering out of short-horizon mean reversion models, because the apparent zero spread does not reflect tradable depth on both sides.
Common misconceptions about either way markets
The first misconception is that an either way market means free liquidity. It does not. The dealer is showing indifference, not commitment, and size on either side may be tiny. The second is conflating either way with a crossed or locked market across venues, which involves multiple dealers and is a separate microstructure event. The third is assuming the quote is an arbitrage opportunity. Because the same dealer sits on both sides, hitting one direction usually causes the quote to refresh immediately, so the round trip rarely completes at the displayed level. The condition is informational, not exploitable.
Open a Vantage raw-spread account
Frequently asked
Is an either way market the same as a zero spread?
No. A zero spread on a retail platform usually means the aggregated best bid equals the aggregated best offer across many liquidity providers, often with commission added on top. An either way market refers specifically to a single dealer quoting the same price on both sides. The economic effect looks similar on screen, but the underlying microstructure is different, and either way conditions involve far less depth than the aggregated zero spread feeds seen on raw spread accounts.
When are either way markets most common?
They cluster around low liquidity windows and event transitions. Examples include the late New York to early Sydney handover, the minutes before scheduled central bank statements, and illiquid emerging market crosses during local holidays. Dealers withdraw directional skew because the cost of being picked off outweighs the spread income. The desk also sees either way prints around the London 4pm fix when dealers prefer to flatten inventory rather than quote aggressively in either direction.
Can retail traders trade an either way market?
Indirectly, yes, but the condition rarely shows up cleanly on a retail platform because feeds aggregate many dealers. A retail trader watching a raw spread account during a low liquidity period may see the spread compress to fractions of a pip, which reflects similar underlying conditions. Attempting to execute size during these moments tends to produce slippage as the quote refreshes, so the displayed price is not a reliable indication of fillable liquidity.
Does an either way market predict a breakout?
Not directly. The condition signals dealer indifference or caution, which often precedes a volatility event but does not specify direction. The desk treats clusters of either way prints as a sign that participants are awaiting a catalyst, similar to a compression in implied volatility. Traders looking for breakout signals should pair the observation with the scheduled economic calendar and order book imbalance data rather than treating the quote condition as a standalone signal.
Related from the desk
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio.
From the desk, free
Get the macro framework the desk actually trades
The same regime-first framework behind every call on this site. Free. No spam, unsubscribe anytime.
Trading this with real money?
The desk routes traders to the broker that fits their style, not to whoever pays most. Find your route in under a minute.
Continue reading
From the desk
Where this gets traded
Reading this from mainland China, Hong Kong or Taiwan? The desk lead for Chinese clients is IFC Markets (NetTradeX in 简体 + 繁體, USDT TRC-20 deposits, 1 USD minimum, BVI + Labuan offshore). Full broker audit, USDT funding rail and the post-May-2026-CSRC-crackdown analysis.
Read the desk guide →