FX algos no longer just for big players
Steve Toland, head of FX sales, EMEA, at interdealer broker Icap, said small banks in places such as Latvia or Russia are also showing increasing preparedness to trade algorithmically.
He said take-up has been so significant that 35% of average daily volumes at Icap is traded algorithmically, up from 14-15% 18 months ago. This represents over 100 customers split equally between banks and hedge funds.
"Large organisations want to prove what they've got while the small ones are getting in on this
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