FX Week Europe: Algo trading exceeds expectations
LONDON – Almost all the spot flow of the largest banks is processed using algorithmic channels, according to Steve Toland, head of foreign exchange sales for Europe, the Middle East and Africa at Icap.
Sitting on a panel at the FX Week Europe congress in London, Toland said approximately 50% of overall trading on Icap’s EBS Spot platform is algorithmic. Bank users account for 70% of EBS’s overall volumes. However, despite the algorithmic focus of the major banks, only 22% of overall bank trading
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