As market structure evolves, the balance between OTC FX and exchange-traded products is shifting. Rising capital costs, expanding futures and options offerings, and renewed interest in on-exchange liquidity are prompting buy-side desks to reassess when bilateral trading remains optimal- and when listed products offer a genuine edge. This session examines how futures, listed FX options and EFRP mechanisms compare with OTC markets in terms of liquidity depth, flexibility, transparency and capital efficiency. Speakers will discuss where exchange-traded instruments can complement OTC flows, how they fit into execution approaches, and what traders should consider when combining bilateral and on-exchange liquidity.