BNP Paribas has formally unveiled ALiX (Alix), a digital trading assistant, as part of its upgraded Cortex Live single dealer platform – the product was first revealed in the Digital FX Awards in Profit & Loss in April.
The bank says that Cortex Live responds to growing client demand for more intelligent execution methods, more transparency and enhanced controls, the centre of which is a real-time market intelligence portal, Insight Live.
BNP is also claiming Alix as the FX industry’s first real time digital trading assistant, however as Profit & Loss noted in its April 2019 edition, JP Morgan has launched Algo Insights which is a very similar product.
BNP’s Alix provides an interactive trading experience – delivering clients with a running commentary on execution and trading, important events like data announcements, market moves or changes in liquidity. Alix also prompts users as to whether they wish to take action pending market events or conditions and provides the relevant execution tool, for example a ‘rapid fill’ button if an order is about to run into a data release or central bank policy announcement. Users can also interrogate Alix regarding aspects of their orders.
Together with its real-time execution analytics package, Insight Live, BNP says Alix represents the latest advances in artificial intelligence, as well as natural language processing and are capable of reacting to over 100,000 data points per second.
Insight Live visualises the key elements of the execution experience such as current market conditions compared to historical averages, market depth, recent trading activity, and execution venue fill percentages, to help customers better understand the liquidity regime in the market at any given time. It also offers the expected execution path for the order as well as live benchmarks such as risk transfer, arrival price and average fill, as well as the ability to change the parameters of the strategy “in flight”.
“We are proud to launch Cortex Live and Alix,” says Asif Razaq, global head of FX algorithmic execution at BNP Paribas. “Our continued innovation takes clients into the next digital era as Alix delivers a live commentary on execution, key markets events and provides a pioneering user experience. The client has complete control, while Alix enhances execution capabilities and offers full transparency throughout execution.”
Joe Nash, digital FX COO at BNP Paribas, adds, “In a complex market we bring our clients solutions grounded in simplicity. We are excited to offer a bespoke personal trading experience, which navigates through an evolving market, adapting to our clients more sophisticated needs. Cortex Live is the ultimate in interactivity, the simplicity of Alix unlocks the power of the large data set beneath.”