Despite the rapid uptake of algorithmic trading and execution within all cash-centric capital markets globally since 2010, wide-ranging use of transparent, unbiased transaction cost analysis (TCA) services and software applications within electronic cash FX trading specifically remains problematic for buyside firm currencies liquidity consumers and sellside institution currencies liquidity providers.
In 2019, the wholesale FX market is not the market of yore. Formerly, the defining characteristic of the currencies trading landscape was liquidity fragmentation and siloed pools of cash held within geography-specific currency pairings.
In 2018, from an asset management firm or long-only institutional investor perspective, the time to await change in the fixed income market has passed; not only has significant change occurred, but it continues to change at a rapid pace.
The growing ability of non-bank spot FX liquidity providers to service client demand in the marketplace came to the fore in 2016’s Euromoney annual spot FX volumes survey results, which showed that the amount of currencies volume supplied by the top-five market-makers was falling when compared to the ability of one proprietary trading firm – XTX Markets – that provides pricing to dealer-to-client currencies (D2C) venues.
Collateral Obligations: Re-orientating the Sellside’s Uncleared OTC Derivatives Trading Business Model
The client had embarked upon an investment on colocation technology for their FX Pricing Engines to be located close to the source of their providers of FX market price streams.
As part of a major transformation programme, the client wanted to review the technology underpinning their eTrading platform.
Providing and assisting the client with technology project management for an FX eCommerce platform primary focused on low latency FX trading.
After 18 months of the launch of a new single-dealer platform (SDP), the client decided to review the strategy for e-commerce across all asset classes and business lines.
The client wished to define their development and investment strategy for their EMEA offering.