SEB has announced that it is the first Scandinavian bank to offer FX algo trading to its clients through multibank portals Bloomberg and FXall.
Instead of traditional orders where clients call in for their orders to be executed, they will now be able to place their orders themselves through FX Algos, a new portal which will give them the advantage of a transparent, smooth as well as automated trading solution.
The bank says clients will completely own their order execution, and will be able to select their preferred strategy and follow the execution without the need to contact their salesperson at the bank. It adds that its algos are developed in-house, which allows the bank to continuously improve its offering together with its clients, as well as integrate the execution with the bank’s flow franchise in Scandinavian currencies.
“We see our algorithmic execution products as an important complement to our existing market-making services and are looking forward to supporting our clients across their diverse execution requirements,” says Svante Hedin, co-head of trading at SEB. “As the number one Scandi bank, SEB will continue to support its clients with best execution and advisory.”
SEB’s offering covers a range of customisable algorithms, from passive to aggressive, including execution evaluation with a transaction cost analysis (TCA) report. The bank says clients will have direct access to multiple diverse liquidity pools that they would not be able to access without algos, including SEB’s unique internal liquidity pool in Scandies, which algos will be able to match against with minimal market impact.