FXall the leading independent global provider of electronic foreign exchange trading solutions, announced today that it went live this week with the ability for clients to utilize bank algorithms and send resting order requests to selected banks for them to manage. Clients can now access an even wider variety of execution methods, including leading bank algorithmic order types through a single FXall Trading interface and comprehensive workflow solutions.
Live client trading in FXall’s Production environment began yesterday as part of FXall’s roll-out of the new trading program. Currently available provider banks include Credit Suisse, Deutsche Bank, Goldman Sachs and J.P. Morgan. Citi and Morgan Stanley are also currently testing and full trading capabilities will be available for all FXall clients in the third quarter. FXall will support trading of proprietary products for all its provider banks.
Phil Weisberg, CEO at FXall commented, “We are pleased to deliver even more tools for our clients to take advantage of as part of their complete trading and workflow processes. We have partnered with leading liquidity providers and our buy-side clients to support their comprehensive requirements for risk management. We are increasingly seeing more of our clients willing to take advantage of multiple execution methods and manage their FX risk more actively, so we want to offer them the flexibility to choose exactly what approach will work for specific market conditions.”
Currently FXall’s efficient workflow process effectively handles orders that need to be filled when staff may not be in the office, such as Limit, Stop Limit or Benchmarks, for clients with all the advantages of FXall’s complete workflow capabilities. Algorithmic orders enable clients to execute bank-developed trading strategies to help manage risk effectively, without the need for additional resources.
“In response to client demand, it was a natural fit for us to make our Advanced Execution Services (AES) algorithms available through FXall” said Robert Maher, Global Head of eFX Sales from Credit Suisse. “We’re very excited to be able to provide the full functionality of our trading algorithms integrated into their existing workflow.”
“Deutsche Bank recognises that our clients have varying executions styles and require a range of execution products including voice, streaming execution and algorithms. Distributing our algorithms through FXall is an excellent channel for us to provide additional functionality to clients,” said Cameron Mouat, head of algorithmic execution for foreign exchange and listed derivatives at Deutsche Bank.
Eddie Wen, Global Head of FX Ecommerce, of J.P. Morgan noted “Our AlgoX liquidity pool and suite of algorithmic orders can now be accessed via FXall. This means that J.P. Morgan’s clients can utilize the most advanced execution tools in the market, integrated with clients’ normal operational workflow.”