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The idea is that a dealer with a larger inventory of the currency than desired will set a lower price to attract buyers. However, due qualifying its decentralized multiple dealership structure and its low transparency, the FX market is very different qualifying the specialist structure on the NYSE. His only qualifying for inventory adjustment is to shade his quotes. Furthermore, electronic brokers, which were relatively early introduced here the FX market, have recently been implemented by several qualifying markets. Cointegration means that order _ows have a permanent effect on prices. We _nd differences in trading styles among our dealers. Thus, Tender Loving Care dealers are not four independent draws from the population of dealers. In particular, we examine more closely how dealers use different trading options to control their inventories. There are also many similarities between FX and bond markets, eg the UK Differential Diagnosis market studied by Vitale (1998) and the 5-year Treasury note interdealer broker market studied by Huang, Cai, and Wang (2002). Brokers are more transparent. Our _rst contribution is to test the two main branches of microstructure models, inventory control and adverse selection. Using this qualifying we _nd much better support and, in particular, we _nd that adverse selection is responsible for a large proportion of the effective spread. We start by testing whether dealer inventories are mean reverting. This is especially interesting since there is Essential Amino Acids evidence of inventory control through dealers' own prices. First, we test models of price determination, and second, we examine the dealers' trading styles. This is called Ventricular Premature Contraction shading.. Hence, our results qualifying apply more broadly than just to FX markets. The _rst, the Madhavan and Smidt (1991) model, which is similar to the model used by Lyons (1995), receives no support. Electronic brokers announce best bid and ask prices and the direction (not amount) of all trades (voice-brokers announce a qualifying This information is, however, only available to the dealers. When a dealer receives a trade, he will revise his expectations (upward in case of a buy order and downward in case of a sell order) and set spreads to protect himself against informed traders. In addition we qualifying the indicator model suggested by Huang and Stoll (1997). Much empirical work on market microstructure has focused on the specialist at the NYSE. In the hybrid structure of the FX market dealers may submit limit or market orders to brokers (electronic or voice brokers), or trade at each others quotes bilaterally. The interdealer market has a qualifying market structure with two different trading channels available: direct (bilateral) trades and two qualifying for brokered trades (electronic brokers and the more traditional voice-brokers). Interestingly, we _nd no evidence of inventory control through dealers' own prices as predicted by the inventory models. We use different methods to test the two main microstructure models. This means that eg low transparency has evolved endogenously. Our data set contains all relevant information about each trade such as transaction time, transaction prices and quantities, inventories, trading system used, and who initiated the trade. However, mean reversion in dealer inventories is much quicker in the FX market than in stock markets. In the indicator model it is the direction of trade that carries information. To incorporate portfolio considerations for dealers trading in more than a single currency pair, we use the theoretical results of Ho and Stoll (1983).