Northern Trust has launched a suite of FX client execution algorithms, aimed at allowing clients to manage their FX exposure with an enhanced level of control and transparency.
Dan Torrey, global head of FX e-commerce sales at Northern Trust, says that previous trends amongst Northern Trust clients currently utilising its algo suite suggest that many of them will focus on using TWAP algos to minimise market risk/impact on larger orders, while attempting to benefit from the greater transparency that is offered by the bank’s post-trade execution reporting.
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.
Sources familiar with the matter tell Profit & Loss that Alex Shterenberg, global head of FX algos at Bank of America Merrill Lynch in New York, has left the bank.
The sources say he is moving to another, as yet unnamed, sell side institution in a senior FX role.
Shterenberg joined BAML in May 2013 as head of FX e-commerce for the Americas before assuming his latest role. He joined from a six-year career at JP Morgan in New York, where he was head of FX algorithmic products. Prior to JP Morgan, Shterenberg had roles at Broadway Technologies and UBS.