Hi. There are many participants on forex market: Banks, Central banks, Corporations, Minor traders etc etc. Most of the participants' flows end up being executed through banks, who have order books and have real time flows. So to answer your question, if I understood it correctly, those big players - market makers and hedge funds (to rephrase they are banks and funds who send orders through banks) have the information of major flows. All flows actually. Sometimes they even execute orders from Central banks. So having all these flows and information about these flows gives them an advantage but they do not have to report or compensate to owners as you put it. Knowing all major flows they can play along or play against, sometimes they can even negotiate with other banks (for sure) what game to play. In the end, for instance corporations do not really care at what rate their order was done, because they have to do conversion for their export/import operations. So they either do at market level or hedge through forwards and other instruments which end up in spot market anyway. Basically the only party who loses in this game are small traders like us because we do not know the flows and build our strategies based on other parameters. I hope I answered your question.