Roger McAvoy Institutional Sales Director, Asia, at 360T Trading Networks
Roger McAvoy Institutional Sales Director, Asia, at 360T Trading Networks

The evolution of FX electronic trading on the buy-side and factors driving change

First Published: e-Forex Magazine 62 / Viewpoint / October, 2015

Revolution or Evolution? There are many reasons why the call for greater transparency in FX execution, pricing and quote management practices are coming under review.  Remarkably, this has only accelerated in the last few years, as a result of public scrutiny and media attention on uncompetitive FX pricing practices that has affected institutional investors and others globally. As a result, asset managers are taking a closer look at their “best execution” policies to ensure their own guidelines for FX execution and counterparty management are well defined. Many of these firms are also taking greater control of FX execution centrally as a way to tighten their own fiduciary duty to their clients, improve risk management, and to reduce reliance on past practices such as “auto FX”, the use of standing instructions, chat messaging, and single-bank non-competitive pricing.   Most recently, the Bank of England, along with the HM Treasury and the UK Financial Conduct Authority,...continued

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