Tag: Best Execution

Best Execution

A Closer Look At: Real-time Transaction Cost Estimation

Morgan Stanley’s Matt Thomas, global head of MSET macro sales, and Jian Chen, head of quantitative solutions and innovations (QSI), explain how transaction cost analysis (TCA) is evolving into a real-time estimative framework tool. Profit & Loss: Talk to me about how you see transaction cost analysis (TCA) evolving in the FX space? Jian Chen: […]

Awards for Excellence in e-FX – Goldman Sachs

Portfolio Algo Execution Goldman Sachs has rolled out its new algo product suite including its NDF hybrid algo – it had long offered an NDF TWAP strategy – but of more interest was its portfolio rebalancing and gamma algos. We go into the portfolio strategy in more detail in our Closer Look feature, but it […]

Best Execution

This is undoubtedly the most competitive section in these awards, even more so given the efforts made across the board to enhance the client execution experience over the past year or two. The best execution experience is about much more than the actual trade of course, it starts with decision making, goes through the flexibility […]

A Closer Look At: A New Way to Trade FX

Goldman Sach’s David Wilkins, global head of e-FX sales, and Ralf Donner, head of client FX algo execution, talk about a new algo launch that they claim offers a new way to trade FX. Profit & Loss: So tell us about the new algo that you recently made available to your clients. David Wilkins: It’s […]

Cappitech Rolls Out RTS 28 Intelligence Tool

Cappitech has announced the launch of RTS 28 Market Intelligence, a product that the firm claims allows financial institutions to use regulatory compliance data to their own advantage by assessing firms’ best execution capabilities across all asset classes and benchmarks performance to the industry average. The new product enables asset managers to optimise performance by […]

Market Impact: Friend or Foe?

Speakers at the Profit & Loss Forex Network New York event highlighted that how you define, measure and respond to market impact when trading FX depends on a number of different variables. Opening the discussion ‘Market Impact – Finding Execution Styles that Work’ moderator Paul Aston, the CEO of Tixall Global Advisors, argued that while […]

New Goldman Sachs Algo Offers Basket FX Trading

Goldman Sachs has launched a Basket Algo, which gives clients the ability to take numerous FX trades and then trade them as a basket.“The launch of this algo came from really recognising the pinch points of clients’ workflows and understanding what they’re trying to achieve,” David Wilkins, global head of e-FX sales at Goldman Sachs, tells Profit & Loss. “And I want to make it very clear: this is not any kind of simple trade batch uploader. Indeed, we think this is an entirely new way to trade FX.”The essential thesis behind the algo is that deeper examination of client workflows and trading activity shows that although these firms tend to execute trades on an individual basis, in many cases, they don’t need to be, and it would in fact be cheaper and more efficient for them to instead execute them as a basket.

And Finally…

In the wake of the GFC and the allegations of misconduct aimed at institutions and individuals, the buzz word was ‘transparency’ – the word from market participants was that they were going to be transparent about everything, meanwhile regulators everywhere made a sustained push for absolute transparency in markets.
The thing is, in FX terms especially, it hasn’t worked – I am not convinced it has in any market actually – and market participants are showing this in where they put their business.

ParFX: More of the Same

I n 2010 the FX Pure initiative was launched, which recognised that there were participants in the market that were getting a systematic advantage by using platforms that allowed them to get an advantage just by being fast. In addition, there were a number of other factors that formed an important part of the project; trading and pricing transparency and creating a trading platform with fairness and equality at its core. In 2013, the FX Pure initiative resulted in the launch of ParFX and now, almost 10 years on from the original inception of the idea, Roger Rutherford, the COO of ParFX, insists that the model and its underlying principles are as relevant today as it’s ever been.

ParFX: More of the Same

I n 2010 the FX Pure initiative was launched, which recognised that there were participants in the market that were getting a systematic advantage by using platforms that allowed them to get an advantage just by being fast. In addition, there were a number of other factors that formed an important part of the project; trading and pricing transparency and creating a trading platform with fairness and equality at its core. In 2013, the FX Pure initiative resulted in the launch of ParFX and now, almost 10 years on from the original inception of the idea, Roger Rutherford, the COO of ParFX, insists that the model and its underlying principles are as relevant today as it’s ever been.