Delivering Institutional grade products and services: Are banks raising the bar in Retail FX?

With Paul Inkster, Head of Product at Barclays Stockbrokers, Sanjay Madgavkar, Global Head of Retail FX trading at Citi and Betsy Waters, Global Head of dbFX at Deutsche Bank.

It is becoming increasingly clear that there is no easy fix to the problems surrounding back office processing for FX trading. Despite budget cutbacks, FX trading venues - bank platforms, brokers, portals and ECNs alike - continue to invest in enhancing post-trade inefficiencies caused, primarily, by high volume, manual ticket processing. According to Nick Dyne, founder and head of business development for Logicscope: “It is far more expensive, still, to process an FX ticket than a listed exchange product.  Banks need to address this inefficiency.”Banks have long recognised the scale benefits of outsourcing services like payments processing and have invested accordingly in developing the infrastructure required to support that strategy.  The same economies of scale should apply to processing FX transactions; rather than the bank bearing the fixed cost of building and supporting the infrastructure required to deliver end to end transaction processing, outsourcing changes its cost model...continued

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