They have no need for sophistication when most of the time they work based on insider information (or information bought from Thompson Reuters and likes with a 5 minute head start - it is the market maker side of the story, not the simple trader side of the story)
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From algos to trading pschology and from market-maker's tricks to the quant models that dominate, Batur Asmazoglu provides an insider's view of a large sell-side bank FX trading desk. While the likes of Goldman's Thomas Stolper have proved it, Asmazoglu's first 'secret' is that "while many believe the big investment banks are very sophisticated, that is not the case at all."
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