Navigating uncharted markets with FX algos
BNP Paribas's Asif Razaq describes traversing Covid-troubled waters with execution algorithms
FX liquidity has altered dramatically in recent months, as markets continue to absorb the effects the pandemic is having on global growth. Throughout February and March, liquidity became highly volatile, leading to wider spreads and thinning book depth, ultimately driving an increase in market impact.
As volumes began to normalise through the end of March and into April, spreads remained wide as a result of continued volatility and as a protective measure by market-makers to shield themselves
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