J.P. Morgan has announced two major functionality upgrades to MorganDirect, a proprietary foreign exchange and rates trading platform. MorganDirect AlgoX provides a suite of tools for algorithmic order execution. MorganDirect FX Options will introduce electronic pricing, analytics and execution for foreign exchange options.AlgoX is an innovative order execution tool that provides clients with a suite of sophisticated order execution strategies coupled to a smart order router that aggregates multiple liquidity sources. Aside from standard order functionality already available on MorganDirect, AlgoX allows clients to execute larger orders that can be algorithmically dispersed into multiple smaller orders executed through a variety of channels. Orders can be (1) internalized with existing J.P. Morgan liquidity and interests, (2) traded against J.P. Morgan support pricing, or (3) routed out to external liquidity sources. A comprehensive post trade execution analysis is also available for every order. This product is unique in the marketplace and will provide liquidity discovery capabilities that is critical in today’s fragmented liquidity landscape.
FX Options on MorganDirect will provide clients with options market transparency and execution capabilities similar to those available with fx cash products. Clients will be able to see real-time volatility surfaces of major currency pairs in a customizable table or a 3-dimensional graphical display. Clients can also specify custom strikes, tenors and exchange deltas on an execution that is just a mouse click away. A variety of risk analytics is also available. This option tool supports vanilla options, straddles, strangles, and risk reversals.