Addressing the challenges of Algorithmic FX trading

With UBS, Barclays Capital, Morgan Stanley, Deutsche Bank and Credit Suisse.

First Published: e-Forex Magazine 27 / Algorithmic FX Trading / April, 2007

With Hjalmar Schröder, Managing Director, Head of FX Pricing and e-Connectivity at UBS, Eben Karsten, Director, Head of FX Program Trading at UBS, John Caccavale, Managing Director, Head of North American E-Commerce at Barclays Capital, Giovanni Pillitteri, Director, Foreign Exchange E-trading, Deutsche Bank, Jeremy Smart, Executive Director of FX at Morgan Stanley and Richard Balarkas, Managing Director and head of AES sales at Credit Suisse.Why is the foreign exchange market so attractive from the algorithmic trading perspective?Karsten: Easy access to continuous liquidity combined with highly fungible products and low transaction costs make FX an almost ideal environment for algorithmic trading.We see two distinct usages for algorithms in the FX market:• Category I: Algorithmic Execution – Working a given order on multiple liquidity pools at the same time, actively seeking the best execution. Conceptually, this also includes the sell side trading out of positions.• Category II:...continued

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