Tag: Best Execution

Best Execution

And Another Thing…

A week and a half ago, during our In the FICC of It podcast, Galen Stops and I briefly touched upon a comment from a speaker at one of our events, that clients were looking at deploying an algo that deliberately lost money for the first 30 seconds. At the time we chatted away, as […]

And Finally…

I am writing this sitting in a US airport awaiting my flight home – that airport is JFK in New York and, thanks to a short delay, I cannot help but think that just a few years ago it was here that Mark Johnson was arrested and commenced a period of hell that few, if […]

Is It Time to Change the Credit Model in FX?

In a new video interview with Profit & Loss Rick Schonberg, global head of ForexClear product development at LCH, is unequivocal in expressing his view that the current credit model in the FX industry is due for a change. “The model definitely needs to change,” he says. “What’s interesting is that the BIS numbers —  […]

Greenwich Claims 25% Increase in FX Algo Trading

A new report from Greenwich Associates claims that the adoption of algos by FX market participants has increased by 25% year-on-year. “As FX market participants adopt sophisticated pre- and post-trade analytics enhanced by artificial intelligence and machine learning, the potential benefits of algo trading are becoming clear, and hedge funds and real money accounts are […]

NAB Survey Highlights Growing Internalisation at Fund Managers

As well as highlighting a greater focus on currency amongst managers, the NAB 2019 Superannuation FX Survey also highlights changing FX business structures at funds with a growing number taking more care over their execution policies. The survey confirms the 2017 survey’s finding that currency risk is an important consideration in their investment decisions in […]

UBS Launches ORCA-Pro

Following on from the launch of its ORCA-Direct algo last year, UBS has introduced ORCA-Pro, a new GUI targeted at clients frequently using ORCA-Direct to execute FX. The ORCA-Direct algo tries to maximise the amount of liquidity available to users when executing FX by looking across ECNs, UBS’s principal liquidity and CME’s FX futures. The […]

And Another Thing…

Spoofing is a strange thing; some could argue it is part of a best execution policy when trying to fill a very large order, others that it is criminal activity, and both would have valid points – but is it fraud? I have no wish to get into the legal technicalities, especially around US law, […]

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 […]