Abn Amro, UBS, RBS Greenwich Capital and Deutsche Bank discuss: FXPB provision: differentiation through innovation

Brian DuffHead of prime brokerage, North America, at RBS Greenwich CapitalDevin GrahamHead of FX Prime Brokerage at UBSEisso VandermeulenHead of FX Prime Brokerage, North America at Abn AmroRita SaverinoDirector of FX e-Commerce at Deutsche BankDo you think the current record demand for FX Prime Brokerage (FXPB) services was fully anticipated and are Hedge Funds who are developing FX as a strategy the only driver behind it?Duff: Not fully anticipated as the crystal ball is often a bit hazy, but, as with other markets that have gone electronic, the significant growth in volume should not have been a big shock. It has been an interesting evolution from the single bank RFQ, to multibank RFQ, to single bank streaming, to ECN's supported by multiple bank feeds, to ECN's offering and supporting multiple types of liquidity providers. While there has been substantial migration of hedge funds into the electronic FX space, clearly the growth is not from Hedge Funds alone. Other significant participants include the high...continued

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