Electronic trading
Asia’s FX markets step to the algorithm
Buy-side use of automated trading programs builds, albeit from a low base
Bilateral streams slash FX trading costs by 80%, dealers claim
Risk Live: FX dealers report 70% of spot traded in bilateral feeds, at least four times cheaper than RFQs and venues
Ion-Broadway merger approved with strings attached
Broadway chief executive Tyler Moeller leads consortium to buy divested fixed income business
Unleashing the potential of NDFs
Trading in non-deliverable forwards is on a roll, despite concerns over liquidity
Algos make market thinner, but not less liquid – BIS
Trading robots change market microstructure, central banks conclude; new liquidity metrics may be needed
Forward momentum: the new world of NDF trading
NDF landscape is changing as trading volumes drive electronification and algo execution – but challenges remain
Euronext launches NDF trading in Singapore
Platform’s move brings spot-style execution methods to the non-deliverable market
Dealers divided over paring FX spot venue connections
Some liquidity providers aim to follow Citi’s lead and cut platforms, but others are wary
The FX swaps client clearing comeback
With possible price savings and non-bank competition, chatter about the service is picking up again – but significant hurdles remain
Barclays targets internalisation with new NDF algos
UK bank’s five algos aim to match-off more flow than G10 pairs
FX algos and the weight of industry expectations
Algo usage may reach saturation point unless operators try something new, writes Matt Clarke of XTX Markets
MUFG: Covid response could spur e-FX shift in Japan
FX head says operational agility during pandemic could lead to greater electronification
Ion forced to split Broadway, keeping FX
Remedy satisfies UK competition watchdog – but “a big defeat” for acquisitive tech giant
How Covid-19 exposed the fragility of FX options liquidity
Simon Nursey at Digital Vega digs into the data to reveal the lessons of the March shock
Avoiding market impact – it takes two
Dealer hedging practices have a big part to play in quiet execution, but so does client behaviour, writes UBS's Ciara Quinlan
Citi to focus on just five FX spot platforms
More venues face axe as US bank says it wants to route 90% of e-volume through small group of vendors
UK watchdog has competition concerns over Ion-Broadway deal
Trading tech giant has five days to address issues, or face months-long investigation
Games of tag need to end
Growing focus on platform disclosures should spur more transparency
Deutsche Bank to launch e-FX pricing engine in Singapore
German bank’s move will increase number of liquidity providers with local pricing capacity to nine
Behind the mask: FX market raises fears over tagging ‘abuse’
Front running and tag refreshing concerns abound on semi-anonymous trading platforms
Choppy markets revive quest for RFQ’s ‘magic number’
Deutsche argues for smaller, stronger panels; Citi offers better prices for 'full amount' trades
A gradual return from shorts to suits
Market moved to home-working for resilience – it may linger for convenience
Banks struggle to keep trade flows in-house during volatility
Directional markets in March tested dealers’ ability to internalise risk
Volatile FX markets reveal pitfalls of RFQ
Clients urged to mask trading intent; critics warn of subtle sell-side advantages