BidFX has added Standard Chartered Bank’s (SCB) full algo suite to its platform.
John McGrath, chief revenue officer at BidFX, comments: “SCB are a leading liquidity provider on the BidFX platform and the expansion to add their algo suite has been very well received by the institutional buy side currently using BidFX. The evolution within the FX algo space, regulatory and functional, has led to many of our clients looking for more sophisticated execution mechanisms. As part of this we have been working with our existing liquidity providers to provide an algo hub service to clients which encapsulates a complete range of strategies with no development and infrastructure costs. We work closely with our algo providers such as SCB to ensure any new algos can be onboarded as quickly as possible and in line with client demand.”
Jonathan Wykes, global head of client algo distribution at SCB, says: “In response to increased demand for intelligent and transparent execution, we are pleased to be collaborating with BidFX to expand the distribution of our full suite of algos. SC client execution algos have been designed with our clients’ trading objectives as the primary focus, determining how they behave and what they set out to achieve. Our strategies aim to work orders without signalling, can provide rapid execution if necessary, or trade on a volume or time trajectory. SC clients can be confident that our sophisticated execution tools help optimise execution performance, allow access to our unique liquidity from our EM franchise, improve execution transparency whilst aiming to leave minimal footprint in the market. Our algo quants are continuously conducting research on how to best enhance our strategies to ensure we remain at the forefront of the evolving landscape.”
Profit & Loss recently interviewed BidFX’s CEO, Jean-Philippe Male about the key trends he sees shaping the FX market in the future, and he highlighted the greater use of algos as one of these trends.
In that interview he states: “One of the big projects that we’re going to be working on this year is adding a lot more data and analytics to our offering. It’s not our goal to become a TCA provider, but I would say that we probably have some of the best data for certain currencies, in particular EM currencies, and our system is designed to respond to market demand when it comes to big data. I think that’s clearly where FX and flow automation is going – the algos are just the cherry on top of the cake, underneath what people really need is good data and good analytics to drive these algos.”