Michel Everaert CIO e-commerce at GFI Group, explains how APIs free banks to concentrate on providing a tailored service to their clients.
Michel Everaert CIO e-commerce at GFI Group, explains how APIs free banks to concentrate on providing a tailored service to their clients.

APIs: helping to integrate an Options platform within the FX trading environment

Michel Everaert explains how APIs free banks to concentrate on providing a tailored service to their clients.

First Published: e-Forex Magazine 19 / FOCUS / July, 2005

The late 90s saw many banks launch online FX trading systems enabling their clients, internal branches and subsidiaries to log on and trade spot and forward. Users simply selected currency pair and size and, with a single click, executed their trade. Adding margin, checking credit lines and other elements were performed automatically in the background.This new e-commerce DIY approach suited many buy-side users, while at the bank sales people’s workload reduced, providing the opportunity for them to focus on more value-added activities. As these systems became widespread, efficiency increased and costs were lowered.In FX, online trading seemed to have stopped at spot and forward. Even now, few banks offer online trading of the directly related FX options market. It seemed a natural next step but many banks were slow to move forward. The reduced e-commerce spending following the dot-com bust definitely played a part, but many banks simply balked at tackling the added complexity involved in trading...continued

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