What does the future hold for Multi-Dealer platforms in FX?

With Roger Rutherford, Chief Operating Officer, ParFX, Paul Tivnann, Global Head of FX and Commodities Electronic Trading at Bloomberg and John Miesner, Managing Director, Head of Global Sales, KCG Hotspot

Roger Rutherford Paul Tivnann John Miesner What pressure is likely to be placed on MDPs and FX ECNs with increased use of execution management systems by some buy-side firms who are seeking to manage trades more efficiently and who may be looking for systems that are able to handle orders across asset types? RR: Execution management systems have been around for a while now, and have certainly evolved at a significant pace as the technology has become more sophisticated. Equity funds – traditionally the main users of EMSs – have diversified into FX via prime brokerage, using the same algo models across both asset classes. So while it is true that some firms have experimented with these systems, we certainly do not feel under pressure from buy-side institutions that choose to use an EMS – the pressure on ParFX is to continue to operate a transparent, fair marketplace that offers trustworthy price discovery and offsets risk in an orderly, efficient manner. This is the...continued

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