Description
Since 2017, long-running changes to the structural dynamics of the cash FX market in which principal-based, voice-centric processes and workflows were steadily replaced with agency-focused, algorithmically-automated business and trading models, which affected different segments of the investment banking industry in different ways.
From an operational perspective, those structural changes led to a divergence of approaches within different types of institutions on how best to capitalise on opportunities to consolidate or rationalise hybrid in-house built / vendor-provided technology stacks, primarily in an effort to cut costs and to improve buyside client trade execution experiences and outcomes.
As such, clear consensus in 2020 on what parts of the investment bank technology stack offer competitive differentiation in FX e-trading remains elusive. Commoditised versus differentiating components of the FX stack are defined on an institution-by-institution basis, and subtle differences in emphasis result from the different business models, market coverage and the buyside client bases of franchise operators.
This report reviews the functional capabilities of:
- Broadway Technology Broadway Securities Suite;
- Celer Technologies Market Maker / Sales Dealer / Clearing Client / Analytics Dashboard;
- FlexTrade Systems MaxxTrader;
- Fluent Trade Technologies Fluent FX;
- Integral Development Corp BankFX;
- oneZero Financial Systems, LLC oneZero;
- Quod Financial The Quod Adaptive Execution Platform (AEP);
- smartTrade Technologies LiquidityFX;
- Tradair Tradair FX; and
- Tradepoint Systems Lightning FX.
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