VENDOR DIRECTORY 2021

ALGORITHMIC 

FX TRADING 

HANDBOOK 

VENDOR DIRECTORY 

Platforms, products and trading toolkits 

from leading providers 

This directory is provided for general information purposes only and neither the 

publishers or individual contributors can guarantee the accuracy of any entries 

or certify that the products and services outlined are as stated or are still being 

offered at the time of going to press. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

59

DIRECTORY 

BANK PROVIDER 

www.anz.com 

Joel Marsden, Asia / David Thorne, Europe & Nth America 

efxtrading@anz.com 

ANZ Tower, 242 Pitt Street, Sydney , NSW 2000 Australia 

Australia and New Zealand Banking Group 

ALGORITHMS OFFERED 

Names of key FX algo strategies: 

• TWAP 

• Enhanced TWAP (pause / amend / resume) 

• Dymanic (In Beta) 

Also Available: 

• Customisation 

Supported currency pairs: 

EUR and USD vs G10 and the following pairs: 

AUDCAD. AUDCHF, AUDJPY, AUDNZD, AUDSGD, 

CADCHF, CADJPY, CHFJPY, GBPAUD, GBPCAD, 

GBPJPY, GBPNZD, NZDCAD, NSDCHF, NZDJPY, 

NZDSGD, SGDJPY,USDCNH, USDHKD, USDSGD 

TCA / ANALYTICS OFFERED 

• Post trade transaction performance 

• Breakdown of child executions • Independent 

third party TCA 

Other associated services: 

Every algo execution receives a detailed TCA 

report. Each report contains key attributes of 

the Algo performance including arrival price, risk 

transfer benchmarks, internalization & passive fill 

rate , highest, lowest & average price information 

as well as duration 

LIQUIDITY ACCESS 

• Access to External Sources • Access to Internal 

Sources • Liquidity source customisation 

FEATURES & FUNCTIONALITY 

• Use of Smart Order Routing (SOR) logic 

• Inflight execution modification • Algo safety 

controls 


ANZ has a long history of liquidity aggregation 

with over a decade developing our proprietary 

trading and liquidity management systems. We 

have invested in global infrastructure, low latency 

networks, market data and software design to 

ensure our technology augments our strong credit 

rating to allow world leading access to liquidity. 

DISTRIBUTION CHANNELS AVAILABLE 

• Via third party platforms 

SERVICE OFFERING 

• Segregated execution • 24/7 Technical 

Support 


The e-trading & Client Algo system has been 

internally developed with all I.P. residing within 

ANZ which incorporates venue categorisation & 

prioritisation based on key trading indicators such 

as spread retention, market impact, fill rates, depth 

of liquidity and spread consistency. The liquidity 

management framework and inbuilt systems allows 

greater degree of customization for future client 

requirements and ensures we can differentiate our 

client Algo offering. 

60


BANK PROVIDER 

www.barx.com 

Alex Shterenberg, Mauricio Sada-Paz 

Alex.Shterenberg@barclays.com Mauricio.Sada-Paz@barclays.com 

Bank Street, Canary Wharf, London E1 



• Gator: BARX Peg, Adapt, Participation, Take 

Profit, Immediate or Cancel, Pounce, Float, TWAP, 

Flex, Take Profit Plus 

• PowerFill: Take Profit, Stop Loss, Trailing Stop, 

Call Level, One Cancels Other, If Done, 

TWAP, LWAP 


• Customisation • NDF algos 


Most major currency pairs and deliverable 

emerging market currencies. Select 1 month NDFs 

supported on BARX Gator. 


• Pre trade analytics • Post trade transaction 

performance • Real-time TCA • Breakdown of 

child executions 


• Use of adaptive execution technology 


• Inflight execution modification • Algo flow 

permitted to cross with other clients algo 

flow • Simultaneous management of multiple 

strategies • Algo safety controls 


Powerfill: BARX electronic order execution 

channel for clients to execute orders against 

Barclays’ BARX principal liquidity 

Gator: BARX electronic order execution channel 

combining liquidity available on external venues 

with BARX principal liquidity. 

Please contact Barclays to discuss the BARX FX 

product and service offering. 


• Proprietary platform • Direct FIX/API 


BARX FX / Barclays 


BARX Algo Centre is our web-based proprietary 

application that provides in-flight algo order 

management and pre- and post-trade analytics. 

Our pre-trade analytical tools allow clients to 

assess market conditions and liquidity across 

the interbank market. In-flight and post-trade 

tools provide an array of real-time order updates 

including fill progress, venue breakdown, as well as 

a growing list of TCA benchmarks and metrics. 



Support • Quantitative research • Trade 

execution consultancy • Benchmarks and 

investment product support 


24 hour trading in over 50 currencies and 450 

pairs across various products with dedicated client 

service and support team. 


• Access to external sources • Access to internal 

sources • Liquidity source customisation 

• Liquidity management toolsets 

Barclays Live is our comprehensive client portal 

delivering cross asset content. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

61


BANK PROVIDER 

bofaml.com 

Tan Phull Zeke Vince 

dg.fx_sales_global_efx@bofa.com, efx.csg@bofa.com 

2 King Edward Street, London, EC1A 1HQ 



• Liquidity Seeking: Whisper 

• Adaptive: Decipher 

• Passive: Tracker, Iceberg 

• Schedule Based: TWAP 

• Aggressive: GetDone, Critical Mass 

• Orders: Take Profit, Stop Loss, Market 




Most major currency pairs and deliverable EM 

currencies. 


• Use of adaptive execution technology • Use of 

Smart Order Routing (SOR) logic 


- Internal Matching Engine 

- Significant customer franchise across Real Money, 

Corporates and Hedge Funds. Supplemented by an 

industry-leading FX payments business and retail 

network. 

- Stringent governance routines around Execution 

Quality outcomes 

- Robust Risk & Control framework 

Bank of America 



• Real-time TCA • Independent third party TCA 





- Our Mercury Portal provides access to our 

Real Time Transaction Cost analysis with details 

on Parent level performance against various 

benchmarks, venue level breakdown/ reversion 

charts as well as a full audit trail of all executions. 

- Bespoke Execution Consultancy can be provided 

by working with clients to review and understand 

their routing outcomes. Then, where possible we 

can customise algo characteristics to match their 

needs / trading style. 






Support • Trade execution consultancy 


- Bespoke Strategy Customisation 

- Data & Innovation Group – Global Multi Asset 

Quant Research Department available to service 

customer requests to improve various aspects 

of their Investment Process from Portfolio 

Construction to Execution routing 

- Instinct FX – seamless trading access across Spot, 

Forwards, Swaps, NDFs & Options. - Talk to your 

Sales coverage for access to our most competitive 

Axes and spreads. 

62


BANK PROVIDER 

aboutglobalmarkets.bnpparibas.com/cortex-ix/ 

Asif Razaq, Global Head of FX Automated Client Execution 

dl.fx_ace@uk.bnpparibas.com 

10 Harewood Avenue, London, NW1 6AA - UK 



• Chameleon • Iguana • Viper • Gamma • Rex • TWAP 

CORTEX iX has been designed to provide clients 

with access to bespoke algorithmic strategies 

whose primary goals are to capture price 

improvement, minimise market impact, and reduce 

overall transaction costs. Through our Flex iX 

program we offer a completely tailored solutions 

based on our clients risk management profile. 


• Customisation • NDF algos • Basket algos 


Our algo pricing is available in all G10 currencies 

and deliverable emerging market currencies, 

including: CNH, CZK, HKD, HUF, ILS, MXN, PLN, 

RUB, SGD, THB, TRY and ZAR. NDF pairs include: 

KRW, INR, IDR, TWD, PHP, and BRL 




child executions • Independent third party TCA 


Our award-winning iX suite is a full offering of pretrade, 

real-time, and post-trade Transaction Cost 

Analytics along with our digital assistant, ALiX, puts 

the user in the driver seat. 

Transparency is the key goal, by providing clear 

market information in real-time our users are able 

to make more informed decisions then ever before. 




• Liquidity Management toolsets 









CORTEX iX utilizes a cutting edge order router 

that aggregates all available liquidity through 

several external and internal FX trading venues. 

Access to this liquidity enables our smart learning 

algorithms to minimize their market footprint 

whilst fulfilling an order. 

Our algorithms employ multiple features that 

allow them to manage any adverse market 

conditions without need for user intervention. 






Support • Digital assistants • Bespoke apps 

• Quantitative research • Trade execution 

consultancy • Facilitation of buy-side reporting 

• Benchmarks and investment product support 


All FX Algo orders are handled and managed by 

the dedicated Algo desk, which is completely 

segregated from the principle trading desks 

both electronically and physically to ensure 

confidentiality and maintain information barriers. 

Key features include adaptivity, control, 

transparency, and confidentiality. 

BNP Paribas 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

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BANK PROVIDER 

citifx.com/electronic-solutions/citi-velocity-trading.html 

Paul Goldberg 

algo.execution@citi.com 

33 Canada Square, Canary Wharf, London E14 5LB 

CitiGroup 



• Internal Match • Ripple • Silent Partner • TWAP, 

Peg • Post & Sweep • Sweep • Dynamic • TWAP 

Coming Soon: Arrival (Implementation shortfall), 

VWAP, Volume Tracker 


• Customisation available • NDF algos 

• Basket algos 


Our algo product supports all G10 currencies and 

deliverable emerging market currencies, including: 

CNH, CZK, HKD, HUF, ILS, MXN, PLN, RON, RUB, 

SGD, TRY and ZAR. 

We also offer NDF Algo’s in BRL, CLP, COP, PEN, 

CNY, IDR, INR, KRW, PHP and TWD 













CitiFX Cross (CFX) is a proprietary low latency 

Spot FX Matching Engine that allows users of our 

FX Algo platform (external clients and internal 

trading businesses) and Citi’s principal FX E-Trading 

business to match their offsetting execution and 

hedging interest against one another. 

Our algorithms have robust safety features 

designed to protect Citi and our clients in 

abnormal market conditions 





Our comprehensive Pre Trade Analysis and liquidity 

analysis tools help you fine-tune your execution 

strategies to maximize efficiency. 

In addition to providing post trade analysis which 

includes several benchmarks against which 

execution performance can be measured 







Support • Digital Assistants • Bespoke Apps 


consultancy • Facilitation of buy-side 

reporting • Benchmarks and investment 

product support 


The CitiFX Algo platform offers a market leading 

suite of algorithmic execution strategies designed 

to efficiently access FX Spot market liquidity, 

reduce market footprint and optimize execution 

We have a dedicated Algo execution and quant 

development teams in London, New York and 

Singapore for round-the-clock coverage 

64


BANK PROVIDER 

www.corporates.commerzbank.com 

NIckolas Congdon 

eFXClientAlgo@Commerzbank.com 

30 Gresham St, London EC2V 7PG 



• Hunter - An aggressive liquidity seeking 

algorithm which simultaneously uses a 

combination of a sweep and a smart resting 

iceberg at the limit price or better. 

• TWAP Advanced - Combination of passive order 

placement while progressively searching for the 

best bid/offer to aggress. Enabling “IntelliVOL” 

turns the algo into a VWAP. 

• Tracer - A passive order designed to capture 

spread while simultaneously aggressing other 

pockets of liquidity in a fast moving market. 




Commerzbank’s highly curated global liquidity 

allows us to significantly reduce your signaling risk 

and information leakage via two liquidity options; 

“All Liquidity” or “Internal”. 

“All Liquidity” provides access for G10 + CNH, 

CZK, DKK, HUF, INR, KRW, NOK, PLN, RON, SEK, 

SGD, ILS, MXN, RUB, TRY, TWD, & ZAR 






Every vanilla resting order and algo execution 

receives a detailed TCA report. Each report 

contains an interactive chart of all fills referenced 

against primary market data, percentage execution 

by venue, implementation shortfall, risk transfer 

benchmarks and market impact analysis at 10, 30 

and 60 seconds. For mutual clients Commerzbank 

also sends execution data to BestX. 








permitted to cross with other clients algo flow 

• Algo safety controls 


For over two decades Commerzbank has continued to 

enhance its industry leading in-house technology for 

liquidity aggregation & SOR (Qube) and data analytics 

(Hubble), both key components of our FX trading and 

client algos infrastructure. 

Client are now better equipped with proven tools 

to manage risk through leveraging our extensive 

experience, proprietary technology and investment in 

innovation. All client execution algorithmic parameters 

are amendable in real-time while controlled in 

multi-layered intervals at placement, activation and 

execution. Clients receive real-time execution updates 

and notifications in the event an order is rejected. 


• Proprietary platform • Direct FIX/API • Via 

third party platforms 


• 24/7 Technical Support • Bespoke apps 


consultancy • Facilitation of buy-side reporting 



Our award winning high touch client service, 

quantitative research and market insights continue 

to strengthen our competitive advantage. 

This has recently been extended out to executing 

algos on behalf of clients under our “At Best” service. 

Our FX orders are now accessible via mobile 

phones and tablets making it is easier to access our 

suite of eTrading services. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

65 

Commerzbank AG


BANK PROVIDER 

ca-cib.com/our-solutions/global-markets/ 

foreign-exchange-and-precious-metals 

Tom APPLETON, Nicholas PREZIOSO, Alfred RODRIGUEZ 

FXClientAlgo@ca-cib.com / GMDeSales@ca-cib.com 

Broadwalk House, 5 Appold St, London EC2A 2DA 

Credit Agricole CIB 



• XTX Execution Algo : Implementation Shortfall Algo 

• SWAN : Passive Algo 

• TWAP Time based Algo 

• OWL : Volume based Algo 

• FALCON : Volume opportunistic Algo 

• EAGLE : Aggressive Algo 

Our very complete algo suite will meet most 

clients expectations. 




Most of our strategies are available in all G10 

currencies and deliverable emerging market 

currencies, including: CNH, CZK, DKK, HKD, HUF, 

ILS, MXN, PLN, RON, RUB, SGD, THB, TRY, ZAR. 


• Post trade transaction performance • Real-time 

TCA • Breakdown of child executions 

• Independent third party TCA 









CACIB has partnered with XTX Markets to offer 

the XTX Execution Algo, a unique implementation 

shortfall strategy to minimize overall slippage to 

arrival price. XTX is one of the largest marketmakers 

in the world by volume and its ability to 

successfully forecast short-term price movements 

helps to reduce adverse selection when trading. 

XTX’s existing large volumes also provide 

attractive netting opportunities and help mask 

execution of large orders. 


• BBG, FX Connect, 360T, FXall, Portware, 

Tradingscreen 


Our in-house Transaction Cost Analysis helps you 

deep dive into your execution. Apart from seeing 

child order’s breakdown and their savings, it will 

also shows how effectively spread is captured. 

Performance benchmarks will let you analyse your 

execution and compare it to different Algo providers. 


• Segregated execution • 24/5.5 Technical 


execution consultancy • Facilitation of buyside 



66 





CACIB’s excellent credit rating ensures access to deep 

liquidity across the market through our bi-lateral 

partnerships. The FX Algo desk is constantly reviewing 

venues by hit-ratios/ liquidity quality and many 

other analytics to ensure our liquidity pools are well 

managed. Clients can also have bespoke liquidity pools. 


There is a dedicated client algo desk located in LN 

(GMT) and in NY (EST) who will provide support, 

training and documentation on all algo related topics 

to internal/external clients.There is technical support 

(eRun team) and also customer support (via eSales 

team) in each region for ecommerce (LN (GMT) / NY 

(EST) / HK (HKT)). 

24/5.5 Technical Support - There is technical support 

(eRun team) and also customer support (via eSales 

team) in each region for ecommerce (LN (GMT) / NY 

(EST) / HK (HKT) and TK (TKT).


BANK PROVIDER 

www.credit-suisse.com/aesfx 

Justin Mitrani, Alan Ng, Alex Orr 

list.aex-fx-sales@credit-suisse.com - list.aesfxtraders@credit-suisse.com 

One Cabot Square, London E14 4QJ 



• Passive/Iceberg: Float, Reserve 

• Opportunistic: Guerrilla, Sniper 

• Hybrid: Float Guerrilla, Float Sniper, Price Inline 

• Time/Volume based: TWAP, VWAP 

• Basket: Gamma Trader 

• Benchmark fixings: WMR, BFIX & LBMA Bullion fixings 


• Customisation • NDF algos • Basket algos 


G10 & EM: Full spectrum vs. USD, liquid crosses and a 

large array of illiquid crosses 

NDFs: BRL, CLP, COP, IDR, INR, KRW, PEN, PHP & TWD 

Precious Metals: XAG, XAU, XPD, XPT 

Synthetic NDFs: Ability to execute G10 and EM pairs as 

cash settled synthetic NDFs 













AES FX allows clients the ability to tailor the 

liquidity destinations used during the algorithmic 

execution process. The Liquidity Selection feature 

offers access to Internal, External, Hybrid as 

well as a range of customised liquidity options 

(including Peer to Peer destinations) 

In addition, Crossfinder FX is AES FX’s Spot 

FX matching engine that facilitates crossing 

opportunities between algo orders. 




Credit Suisse 


- Instant Color: Order-level post trade TCA 

- ExPRT: Portfolio-level post trade TCA 

- EDGE FX: Credit Suisse’s award winning, fully 

interactive TCA portal. EDGE FX provides clients 

with a wide range of in-depth analytics including 

pre-, intra- and post-trade reports to support them 

throughout their trading workflows 

- Bespoke Analytics: Our team can fulfil client 

enquiries for bespoke analytics and customised data 

requests 







Support • Bespoke apps • Quantitative 

research • Trade execution consultancy 

• Facilitation of buy-side reporting 



AES FX has a dedicated global coverage team 

of market specialists who are at hand to 

provide clients with market colour, strategy 

selection guidance, in-flight order analytics, algo 

consultation services, and round the clock support. 

Complementing the above, we offer agency 

swaps execution capabilities, as well as a hightouch 

trading service for those clients that require 

a more bespoke approach to handling their flows. 

ALGORITHMIC 

FX TRADING 

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BANK PROVIDER 

autobahn.db.com 

Vittorio Nuti, Global Head of Algo Trading 

autobahn.fx@db.com 

1 Great Winchester St, London EC2N 2DB 

Deutsche Bank AG 



• Iceberg: An aggressive liquidity seeking algorithm 

• Stealth: Dynamic algo to execute efficiently in 

changing market conditions 

• TWAP & VWAP: Uses intelligent limit order 

pricing techniques to capture spread 

• Smart Peg: Passively peg to the order book and 

move up and down with the market 

• Pi & eBest: Passively works your order against 

DB’s Franchise 

• Slicer: Slicer orders against DB’s price stream 




Deutsche Bank’s Market Colour app provides 

Supported CCY Pair grid. 

Deliverable: G10 & EM Crosses. NDF: INR, IDR, 

KRW, TWD, PHP, CLP, COP, PEN, BRL. Our algos 

access ECNs, Bi-lateral and Principal liquidity. 






Configure your CSV files to receive the data 

parameters you need. 

Choose between PDF, CSV files or both. 

Option to receive Aggregated TCA reports at your 

preferred frequency. 

Receive Post-TCA immediately or after reversion 

metrics. 

Third Party TCA: BestX, Tradefeedr, ITG. 












Hot Actions: Ability to make changes to your algo 

on the fly, giving you complete control. Choose to 

Pause/ Resume, Fill Now, Fill Remaining. 

Block Order: Allows you to run multiple strategies 

simultaneously with access to Hot Actions for 

each individual order. 











Award winning Market Colour Tool: Benefit from 

DB’s unique view of market liquidity, volume, and 

flows relative to historic measures along with several 

other statistical studies. Now integrated with third 

party platforms. 

Autobahn for Mobile: Access Market Colour, FX 

Order Monitor and ABFX applications via Mobile. 

View your Algo in real time and make in-flight 

changes. Stay up to date with DB’s Research and 

Trader Commentary. 

68

FEATURE IN THIS HANDBOOK! 

2021 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

2021 FX algo trends 

Increasing volumes, focus on TCA and transparency 

Regulatory considerations 

How to remain compliant throughout the algo trading process 

FX algorithms 

Key decisions to help your implementation 

Liquidity 

Using it to unlock the power of your FX algo strategies 

TCA and analytics 

Bring a new dimension to your FX algo trading 

FX algo selection 

Understanding the layers of complexity 

The A-Z of FX algos 

Popular types and their execution objectives 

Vendor Directory 

Products and toolkits from leading providers 

A guide to more efficient automated FX trade execution for buyside firms 

1 

Thousands of currency trading, portfolio, treasury, risk 

and quantitative investment managers are reading the 

Algorithmic FX Trading Handbook. 

If you would like your firm to be seen by these practitioners and 

represented in the directory section of this unique publication please 

contact: handbook@fxalgonews.com 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

69


BANK PROVIDER 

www.gbm.hsbc.com/solutions/markets/fx-algos 

Vivek Sarohia - Global Head of Alternative Execution Services 

fxalgo@hsbc.com 

8 Canada Square, London E14 5HQ 

HSBC Bank plc 



HSBC offers adaptive strategies with 

straightforward objectives to cater to all their 

client execution requirements, these include 

• Implemention Shortfall • Liquidity Seeking 

• TWAP • VWAP • Percentage of Volume (PoV) 

• Get Done & Liquidity Plus (Multi Strategy) 




Direct pairs and all crosses of: 

G10, ILS, TRY, CZK, PLN, HUF, MXN, RUB, RON, 

HKD, SGD 

USD versus the following NDF currencies: KRW, 

INR, IDR, TWD and PHP 



performance • Breakdown of child executions 



The HSBC Analytics suite offers clients an extension 

to their trading capabilities. With a comprehensive 

offering for both pre-trade and post-trade analysis, 

the new real time feature is being developed to 

enhance the execution journey. 

The pre-trade analysis offers the clients an indepth 

understanding of the FX market landscape, 

followed by a transparent post execution analysis, 

and additional portfolio analysis on demand. 


• Access to external sources • Access to internal 

sources • Liquidity source customisation 


• Use of adaptive execution technology • Use of 

smart Oorder routing (SOR) logic • Inflight execution 

modification • Algo flow permitted to cross with 

other clients algo flow • Simultaneous management 

of multiple strategies • Algo safety controls 


The FX Algorithms suite leverages on the vast HSBC 

foreign exchange liquidity network, by combining 

both our quantitative research on external liquidity 

as well as optimizing our internal liquidity. The 

sophistication embedded within the Smart Order 

Router and the extensive work on the curation of 

liquidity offers our clients a great way to execute their 

transactions, across a variety of market conditions. 

The seamless execution process is key to ensuring the 

client has all the information available to understand 

the market landscape and this will be further 

enhanced by the new upcoming developments in 

both the Algo ticket and the analytics. 





• Segregated execution • 24/7 Technical Support 


consultancy • Benchmarks and investment product 

support • Facilitation of buy-side reporting 


The Alternative Execution Services (AES) team are 

available 24/5 to provide clients coverage on FX 

Algos and Benchmarks orders. AES is segregated 

from our FX sales and trading teams to ensure 

that confidentiality is always maintained.The Algo 

offering is available through many different avenues 

including HSBC Evolve and many other Multi-Dealer 

Platforms too, to support all our client requirements. 

70


BANK PROVIDER 

jpmorgan.com/fxalgos 

Asia ex-Japan SG: +65 6882 2290/91/92 HK: +852 2800 0457/6375/7057 

Europe: +44 207 777 9581 North America: 212-834-5311 

fxecom_sales@jpmorgan.com 



Algo Orders: 

• Limit based: Required parameter is a limit price. 

Panther, Sliceberg 

• Urgency based: Required parameter is relative 

urgency. Float, Adaptive, Internal Tracker, AquaPOV 

• Time based: Required parameter is time/ 

duration. AquaVWAP, TWAP. 

• Fixing Orders, Simple Orders (TP, SL, StopLimit, 

TrailingStopLoss), Multilegged strategies 




In Spot: G10 currencies plus Latam (MXN), CEMEA 

(CZK, HUF, PLN, RON, ILS, TRY, ZAR) and APAC EM 

( CNH, THB, SGD and HKD) - In NDF: TWD, KRW, 

INR, IDR, PHP - Simple orders supported in a wider 

range of ccys: Spot, Forward, NDF and Swap. 






AlgoCentral is our award winning portal for pre 

trade and real time execution insights as well as 

real time market structure. AlgoInsights provides 

customized information to signal key execution 

insights such as expected duration/cost of the 

strategy or automated detection of volatility ahead. 

In addition to our best in class TCA, we also provide 

customary BestX independent TCA to our clients. 













With more than 10 years of experience offering 

algorithmic execution, we are proud of the 

robustness of our offerings. 

Our coverage model helps facilitate a growing 

range of algo customization options for clients. 

Client custom fat finger checks in price/size are 

available. 






Support • Digital assistants • Bespoke apps 

• Quantitative research • Facilitation of buyside 




We have eFX support in New York, London, Paris, 

Frankfurt, Singapore, Hong Kong and Tokyo plus 

traditional Sales coverage support in a wider range 

of locations. 

In addition to our follow the sun coverage, you 

can download Execute, our award winning cross 

asset eTrading platform in your Desktop, Ipad and 

Android/Iphone. 

JP Morgan 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

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BANK PROVIDER 

www.rbccm.com 

RBC Capital Markets 

CM-eFX-Business@rbc.com 

100 Bishopsgate, London EC2N 4AA 

RBC Capital Markets 



• RBC Provide - A passive posting strategy 

• RBC TWAP - A time-weighted benchmark strategy 

• RBC VWAP - A volume-weighted benchmark strategy 

• RBC IS - An arrival price benchmark strategy 

• RBC Strike - A liquidity-seeking strategy 

• RBC LimitPlus - A limit order strategy 

• RBC SmartTake - A Sweep-to-Fill strategy 




Available in all G10 currencies and deliverable EM 

currencies. 


• Post trade transaction performance • 

Breakdown of child executions • Independent 

third party TCA: 


The RBC TCA report provides numerous 

benchmarks and metrics, combined with market 

data charts, aggressive/passive fills by source 

with hit rates, and detailed information on every 

individual child order to the millisecond time 

stamp. RBC is also live and fully integrated to 

leading independent 3rd party TCA providers. 








controls 


RBC provides a unique pool of liquidity which is 

highly curated to help minimise market impact 

and signaling risk, and is completely transparent 

on the execution logic for both venue selection 

and order placement. 

RBC provides the ability to seamlessly switch algo 

strategies in real-time combined with multiple 

additional features and controls to ensure you are 

always in control. 


• Direct FIX/API • Via third party platforms 




execution consultancy • Facilitation of buy-side 




RBC provides an extensive range of algo strategies 

and execution services that allows you to choose 

the strategy to match your objectives in any market 

environment. 

RBC Capital Markets is part of Royal Bank of Canada 

(RBC), a leading, diversified provider of financial 

services and one of the strongest banks globally. RBC 

is among a small group of highly rated global banks 

and is recognized time and time again for its financial 

strength, market leadership, and philanthropic work. 

72


BANK PROVIDER 

www.sebgroup.com 

Carolina Trujillo, Kristoffer Sandman or your FX sales representative. 

carolina.trujillo@seb.se; MarketsMacroFXSalesSTO@seb.se 

Kungsträdgårdsgatan 8, SE-106 40 Stockholm 



• TWAP 

• Peg 

• Aggressive Watch 




EUR/NOK, EUR/SEK, EUR/DKK, USD/NOK, USD/SEK, 

USD/DKK, NOK/SEK, EUR/USD, GBP/USD, EUR/GBP, 

EUR/CHF, EUR/JPY, AUD/USD, NZD/USD, USD/CAD, 

USD/CHF 








SEB algos give you access to a unique pool of 

liquidity in the Scandinavian currencies. Your flow 

can match with the flow from our unequaled 

franchise with customers ranging from small 

businesses to the biggest Nordic global corporate 

players and financial institutions. 

SEB 



• Breakdown of child executions 


We provide child fill details compatible with 

independent third party TCA. 


• Proprietary platform • Via third party 

platforms 


• 24/7 Technical Support • Quantitative 




Full segregation of execution depends on the time 

of the day, contact us for further details. 




ALGORITHMIC 

FX TRADING 

HANDBOOK 

73


BANK PROVIDER 

statestreet.com/solutions/by-capability/ssgm/liquidity/foreign-exchange 

Mary Leung - Global Head of Client Algos 

eFX_Sales@StateStreet.com 

One Lincoln Street, Boston MA 02111 

State Street Bank and Trust Co. 



• FLOAT (Passive Algo) 

• TWAP (Schedule based Algo) 

• VWAP (Schedule based Algo) 

• SWEEP & POST (Aggressive Algo) 

• INTEREST MATCH (Peer-to-peer matching 

feature. Can be used in conjunction with other 

algo strategies) 




The State Street algo suite supports all G-10 

currency pairs and the vast majority of EM 

deliverable currency pairs including: CNH, CZK, 

HKD, ILS, MXN, PLN, SGD, THB, TRY and ZAR. 



TCA • Breakdown of child executions 



In house post-trade TCA provides transparency 

into all child orders, fills and execution 

timestamps. Additionally, State Street provides 

independent post trade 3rd party TCA analysis via 

BESTX at no cost to our clients. 

State Street also provides real-time TCA via 

our algo hub VECTORFX. VECTORFX displays 

real-time algo fills between the market bid/offer 

while also displaying real-time slippages against 

different benchmarks 













Default settings and safety controls ensure 

efficiency and ease of use when launching a State 

Street algo. 

Robust customizations also exist including: 

liquidity pool selection, execution speed variation, 

cross spread variation, pause/amend, dynamic/ 

preset slice size, etc. 

Interest Match allows for both peer-to-peer 

liquidity and offsetting algo flow to match. The 

“staged algo” functionality within VECTORFX 

allows for clients to run multiple algos all within 

a parent/child structure and amend/change 

strategies on the fly. 







research 


State Street’s algo offering segregates algo 

execution from the principal sales and trading desk. 

A segregated 24 hour support team is available to 

assist with any issues arising during algo execution 

via chat or phone. 

Algo subject matter experts are present in 

each region to help with client’s queries on the 

mechanics and usage of our strategies. 

74


BANK PROVIDER 

ubs.com/electronictrading-fx 

Christian Gressel, Head of FX Algo Execution 

ol-electronicexecution@ubs.com 

5 Broadgate, London EC2M 2QS 

a b 



• Orca Direct • Tap • Float • TWAP • VWAP 

Note: Not available in all locations, contact us to 

find out more. 




All Major FX deliverable currency pairs and select 

precious metals are supported with the ability to 

choose from multiple liquidity options. However, 

UBS liquidity may be the only option available for 

less traded crosses. 



performance • Breakdown of child executions 



• Use of adaptive execution technology • Use 

of Smart Order Routing (SOR) logic • Inflight 

execution modification • Algo flow permitted to 

cross with other clients algo flow • Algo safety 

controls 


We offer clients a number of curated liquidity 

options, which can be selected via the ticket at 

order entry and changed at any point throughout 

the life-cycle of an algo order. 

In addition to the ability of changing the liquidity 

of an order it’s trading against, clients also have 

full flexibility to amend parameters or even the 

strategy itself at any point during the lifecycle of 

an order. 




UBS Investment Bank 


Pre-trade analytics via UBS NEO or on request via 

the algo coverage desk. 

STP trade and order notifications/confirmations. 



Support • Facilities of buy-side reporting 


consultancy 






Our algo coverage team is segregated and client 

information, as well as parent order details, are not 

visible to principal trading. 

Clients can benefit from the quality and depth of 

the liquidity of provided by UBS principal market 

making, or can exclude UBS pricing altogether. 

Any liquidity source to UBS algos will only see 

the child orders traded and will see UBS as the 

counterparty to those trades. 

For more information, please contact UBS. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

75


BANK PROVIDER 

westpac.com.au/corporate-banking/financialmarkets/foreign-exchange/efx 

London - Andrew Martin, Sydney - Greg Hincksman 

andrewfmartin@westpac.com.au, ghincksman@westpac.com.au 

275 Kent Street, Sydney Australia 

Westpac Banking Corporation 



• TWAP - Executes an order over a defined time 

period specified by the customer 

• Liquidity Seeker - Designed to take advantage of 

available market liquidity, while allowing the user 

to specify the level of market participation 


G10, plus CNH, HKD, SGD. All available pairs, 

including Asia deliverables, can be crossed against 

AUD as well as USD. 


• Breakdown of child executions 


Our post trade services are driven by customer 

demand for transparency and reporting. Reports 

can be customised on request to include other 

metrics. Our sales and algo specialists are on 

hand to assist with client-focussed discussion on 

our algo execution capability and how this can be 

used to meet the client’s execution objectives. 





controls 


Synthetic crossing capability – Westpac’s algos 

are designed to take advantage of both directly 

quoted liquidity and liquidity against USD or 

EUR for each of our supported currency pairs, 

choosing the best prevailing market price for each 

individual transaction. 




• 24/7 Technical Support • Facilitation of buyside 




Netting of benchmark orders 

Westpac offers algos to further leverage our 

expertise in the Aus/NZ markets, offering our 

clients local specialist advice with a global reach. 




76

TECHNOLOGY & PLATFORM PROVIDERS 


advancedmarketsfx.com 

Natallia Hunik 

marketing@advancedmarketsfx.com 

Advanced Markets Group, 11325 North Community House 

Road, Suite 425 Charlotte, NC 28277 

COMPANY OVERVIEW 

FX products and services: 

FX / Precious metals / Commodities / CFDs on indices / Crypto CFDs / CFDs on single stocks / Prime of Prime/ 

Credit / Consulting 

• Bank clients • Broker clients • Corporate clients • Fund & Investor clients • Others 

Global Footprint: 

Advanced Markets (AFSL #444649 and FCA #777739) is a leading Prime of Prime and institutional liquidity 

provider, primed by UBS AG and Standard Chartered. Through our extensive client base, we estimate that 

Advanced Markets liquidity ultimately serves more than 40,000 institutional and individual clients in more 

than 30 countries globally. 

FX ALGO TRADING SUPPORT 

TRADING TECHNOLOGY SOLUTIONS 

Advanced Markets Group 

• Proprietary algos offered • Smart Order 

Routing • Strategy back-testing: 

• Hosted solutions • Connectivity solutions 

• Workflow solutions • Market Data solutions 

• White Label solutions 


INTEGRATED SERVICE OFFERINGS 


• Customised Reports • Execution Consultation 

services 

• Multi-asset platforms • Risk Management 

• Liquidity Aggregation • Compliance & 

Surveillance • Global Support 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

77



www.bestx.co.uk 

Ollie Jerome 

sales@bestx.co.uk 

20 Churchill Place 

London 



BestX® is a Technology Company, with a simple fee based model, creating state of the art software to 

provide real-time, interactive analytics. We provide our clients with a level playing field to enable them to 

assess and compare the quality of their FX, Fixed Income and Equities transactions. BestX provides a totally 

open-architecture analytics service operating autonomously from any liquidity provider or execution venue 



Global client base, comprising Assets Under Management in excess of USD 19trn 



BestX Ltd 

BestX does not offer execution products such 

as algos, it simply provides analytics software to 

allow clients to analyse execution performance 

and codify their best execution policies 

• Connectivity solutions • Workflow solutions 


BestX is connected to a myriad of EMS/OMS 

platofrms, and liquidity providers, in order to 

provide clients with a seamless, aggregated and 

enriched view f their trade data sets. 

BestX also provides workflow solutions around 

the governance and management of outlier trade 

detection, explanation and sign-off 




performance • Real-time TCA • Customised 

Reports 


Formal advisory or consultancy services are not 

provided, however, all clients are provided with 

the required training to interpret the results from 

the analytics to make informed decisions 

• Multi-asset platforms • Compliance & 



BestX provides coherent best execution analytics 

for FX, Fixed Income, Equities and Commodities. 

Support for compliance is provided via automated 

trade outlier detection and associated workflow, 

allowing clients to implement bespoke 

surveillance policies 

78



www.bidfx.com 

John McGrath, Chief Revenue Officer 

john.mcgrath@bidfx.com, sales@bidfx.com 

5th Floor, York House, 23 Kingsway 

London, United Kingdom WC2B 6UJ 



BidFX is a leading cloud-based provider of eFX trading solutions for the global financial markets. We deliver 

customised liquidity in all FX products from partner banks and provide broker-neutral order and cutting-edge 

execution management services. We also offer a complete suite of negotiation protocols, a hub to the algo 

suites of all major banks featuring best-execution capabilities. Our TCA solution features pre-trade predictive 

models, in-trade benchmarking and post-trade synopses. BidFX is a subsidiary of SGX Group. 



We are present in London (Headquarter), Milan, Geneva, New York, Singapore, Hong Kong, Sydney and 

Tokyo. To contact us, please call Americas: +1 332 209 3570, Europe: +44 208 154 0400, Asia: +65 3163 

8350, or email: sales@bidfx.com. 


• Proprietary algos offered • Access to thirdparty 

algos • Smart Order Routing • Trading 

model design • Strategy back-testing: 





BidFX Systems Ltd 


FX Algo Wheel is also available. 

High touch/Low touch models allow Algo’s to be 

routed automatically. 

Although not strictly Proprietary Algos BidFX 

offers configurable order types which work 

against aggregated liquidity. 



performance • Real-time TCA 


services 






Mobile App available for trading and monitoring 

from Android or IOS devices. 

Strategy Server – Model based execution to 

implement proprietary strategies. 

Best Value feature allows costs to be factored into 

pricing aggregation. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

79



curexgroup.com 

Franz Schmidpeter, Senior MD and Global Head of Sales 

franz.schmidpeter@curexgroup.com; sales@curexgroup.com 

120 West 45th Street, 26th Floor 

New York, NY 10036 



Cürex Group is a foreign exchange focused execution services and data analytics provider. Our singular 

focus is to improve the FX experience for every buy side institution. We operate an FX ECN with robust no 

last look liquidity and complete transparency. Our streaming liquidity can be accessed by customers directly 

or through bank sponsored FX trading algorithms. Our unique trading and market analytics - pre-trade, posttrade 

and in-flight - delivers meaningful and actionable intelligence to our customers. 

• Corporate clients • Fund & Investor clients • Others 


With offices in New York and London, Cürex offers 24/5 spot FX trade execution, trade analytics and support 

in over 180 deliverable currency pairs. Sales number is +1-212- 488-4959. 

Cürex Group 



algos • Strategy back-testing 


The no-last look, streaming liquidity on the Cürex 

ECN can be accessed through trading algorithms and 

via direct market access. Cipher, our comprehensive 

analytics platform, enables customers to measure 

and validate trading performance. Customers can 

request that their algo trades execute exclusively on 

the Cürex ECN and also have access to our pegged 

order type functionality. 


• Connectivity solutions • Market Data solutions 



Cürex gathers its executable, no last-look liquidity 

and market data from more than fifteen of 

the largest global FX market makers. Historical 

and live, streaming market data is available 

for purchase. The Cürex ECN can be accessed 

through multiple EMS platforms, bank trading 

algorithms and via direct market access. 




Reports • Execution Consultation services 


Cipher is a real time, pre- and post-trade analytics 

solution delivering streaming market information 

that also allows users to track algorithmic 

executions as they are occurring. Cipher 

independently gathers market data delivering 

unbiased analytics with complete anonymity. 


• Risk Management • Liquidity Aggregation 

• Compliance & Surveillance • Global Support 


The fully executable, no last-look prices on the 

Cürex ECN are gathered from more than fifteen 

of the largest global FX market makers. The ECN 

operates on a 24/5 basis when global spot FX 

markets are open. Cürex’s analytics tools offer 

trading and compliance teams proof of best 

execution outcomes in an anonymous, streaming 

and multi-contributor execution environment. 

80



www.devexperts.com 

Mikhail Babushkin, CEO 

pr@devexperts.com 

First Name House, Victoria Road, Douglas, 

Isle of Man, IM2 4DF, UK 



Devexperts develops custom software for retail and institutional brokerages, exchanges and wealth 

management firms. The company offers its solutions under three business areas: multi-asset, multi-market 

trading platforms and brokerage automation technology; complex software development projects; data 

products and services. It also provides consulting services for financial institutions in real-time transaction 

processing, trading automation, enterprise-wide trading platform applications, and risk management fields. 

• Bank clients • Broker clients • Fund & Investor clients • Others 


Devexperts has offices in Germany, the USA, Singapore, Portugal, Turkey, and Bulgaria. 

Devexperts 



• Smart Order Routing • Trading model design 

• Strategy back-testing: 






• Pre trade analytics • Customised Reports 

• Execution Consultation services 




ALGORITHMIC 

FX TRADING 

HANDBOOK 

81



www.fenics.com 

Richard Sykes / Howard Silverman / Robert Gomprecht 

FenicsCrossSales@fenics.com 

55 Water Street, 10th Floor 




FX electronic trading covering FX, NDF, Options and spot FX Algos along with a broad cross product offering 



We have offices in all major centers globally and a global support team staffed with subject matter experts 

providing white-glove support around the clock 

Fenics - a division of BGC Partners 


• Proprietary algos offered • Smart Order Routing 

• Trading model design • Strategy back-testing 


A comprehensive suite of strategies providing 

clients with state of the art, competitive and 

fully customizable execution solutions tailored to 

individual trading preferences 






We provide customized technology configurations 

to accomodate individual clients needs 



• Post trade transaction performance • Realtime 

TCA • Customised Reports • Execution 

Consultation services 


Access to proprietary TCA along with access to 

independent, third party TCA providers 

• Multi-asset platforms • Liquidity Aggregation 

• Compliance & Surveillance • Global Support 


Our single sign on provides one entry point to 

multiple execution venues 

82



www.fxhedgepool.com 

Richard Leader, COO 

info@fxhedgepool.com 

One World Trade Center, 85th Floor 




FX HedgePool is an award-winning matching engine for the mid-market execution of FX swaps. Its platform 

has transformed FX through the breakthrough unbundling of liquidity from credit - unlocking vast potential 

for passive hedgers to provide liquidity to their peers, and for banks to further monetize their balance sheets. 

Backed by a growing community of top buy-side and sell-side institutions, FX HedgePool has created a new 

source of secure, anonymous, and dependable liquidity that eliminates pre-hedging risk for all. 

• Bank clients • Fund & Investor clients 


New York, Boston, London, Sydney 


FX HedgePool has created the first central 

marketplace for matching FX swaps, reducing 

friction while streamlining key workflows. Until now, 

FX swaps were only traded bilaterally between the 

buy-side and the sell-side, requiring banks to price in 

market risk - resulting in fragmentation and high cost 

of risk transfer. FX HedgePool’s direct liquidity model 

eliminates market impact, cuts trading costs, reduces 

tracking error, and lowers operational overheads. 




FX HedgePool is hosted and offers a spectrum of 

integration and automation choices – from ‘low 

barrier to entry’ web GUI access through to SFTP 

and FIX API connectivity – and has been designed 

to facilitate swift, painless onboarding for buyside 

members and sell-side credit providers alike. 

FX HedgePool 



TCA • Customised Reports 


FX HedgePool cuts out a substantial portion of 

exogenous costs (e.g., technology, compliance, 

risk, and personnel) that are nonetheless factored 

into a price, enabling members to execute at a 

fixed spread off published mid on each liquidity 

event. This provides a safe harbor during periods 

of heightened volatility and insulates members 

from self-inflicted transaction cost increases, 

notably market impact. 


• Risk Management • Compliance & Surveillance 

• Global Support 


FX HedgePool integrates as a matter of course 

with an array of proprietary and COTS buy-side 

OMS and FX EMS for a seamless, end to end 

operational experience. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

83



fxspotstream.com 

Aaron Krepel 

akrepel@liquiditymatchllc.com 

111 Town Square Place Suite 840 

Jersey City, NJ 07310, USA 



FXSpotStream (FSS) is a bank owned consortium operating as a market utility, providing the infrastructure 

that facilitates a multibank API and GUI to route orders from clients to Liquidity Providers. FXSpotStream 

does not charge brokerage fees to its clients or Liquidity Providing banks.In addition to not charging 

brokerage fees, data or hosting fees. 

FXSpotStream allows its clients to connect one time to a single API or GUI, with as many banks as the client 

has a relationship with. 



Clients can access FXSpotStream’s GUI or single API from co-location sites in New York, London and Tokyo. 

FXSpotStream 


• Access to third-party algos 


FSS clients have access to over 70 different Algos 

and 200+ parameters offered by the FSS Liquidity 

Providers (LPs). FX Allocations allow clients on a 

pre- and/or post-trade basis to send and allocate 

orders from multiple accounts at the same time. 

Support for FX Algos and Allocations is expected 

to be live on our Service in Q2 of this year. 



performance • Customised Reports 


FXSpotStream’s analytics suite, FX|Insights, delivers 

real-time data to its clients and Liquidity Providers 

to meet the business challenges and demands of 

trading FX and Precious Metals. Our powerful 

visual analytics tool provides you with valuable 

insights to help you manage your orders more 

effectively. You are able to utilize the data to 

identify and often pre-empt issues that may occur. 



• Market Data solutions 


• Liquidity Aggregation • Global Support 


Clients can connect to the FXSpotStream® 

Service in multiple ways: 

Cross-Connect – Clients located in Equinix 

facilities can connect to the Service via a 1g or 

10g cross-connect 

Metro Connect 

Extranet – via various extranet providers 

VPN 

Public Internet 

84



kx.com/solutions/trading/ 

Rich Kiel, SVP Head of FX Solutions 

sales@kx.com 

Brian Conlon House, 3 Canal Quay, Newry, Co. Down 

N. Ireland BT35 6BP 



FX / Precious metals / Commodities / CFDs on indices / Crypto CFDs / CFDs on single stocks / Prime of Prime/ 

KX is a division of First Derivatives, a global technology provider with 20+ years experience working with the 

world’s largest financial institutions. KX technology, incorporating the kdb+ time-series database, is a leader 

in high-performance streaming analytics and operational intelligence. The firm’s FX trading solution, KX 

Flow, is a leading eFX trading platform and when combined with KX solutions for FX Analytics, Algorithmic 

Execution and Transaction Surveillance delivers a complete eFX ecosystem. 


Global Footprint: The Group operates from 15 offices across Europe, North America and Asia Pacific, 

including its headquarters in Newry, Co. Down N. Ireland and employs more than 2,800 people worldwide. 




Other associated services: KX Algo is a multi 

asset algorithmic trading platform designed for 

capital markets participants. It provides the tools 

to research, engineer, backtest and deploy a wide 

range of trading and risk management strategies. 

KX Algo is a modular system covering the complete 

trade life cycle, and is used by portfolio managers, 

trading desks and risk managers across the industry. 





Other associated services: KX Flow is a hosted, 

foreign exchange trading platform enabling users 

to create bespoke liquidity pools from a wide 

range of Liquidity Providers and distribute pricing 

to clients via UI, API or MBP’s. Our comprehensive 

turn-key solution provides in-depth credit and risk 

management functions as well as real-time inmemory 

analytics. 

KX 





Other associated services: KX Analytics provides 

a completely customizable analytics suite that 

enables you to standardize, industrialize and 

distribute analytics across the organization to 

support critical business insights and increase 

profitability. Pre-built analytics for profitability 

analysis, best execution or TCA can be deployed 

faster and cheaper than the typical effort and 

expense of custom or in-house development. 





Other associated services: KX Surveillance captures 

and consolidates FX trading data across disparate, 

industry platforms plus internalized data. It monitors for 

misconduct detecting behaviors and signaling potential 

market abuse. The combination of data, scenarios 

and investigation dashboards provides substantial 

efficiencies starting with early detection. Scenarios 

include collusion, benchmark manipulation, front 

running, excessive markup alerts and last look. 

85



modularfx.com 

Howard Grubb, Stephan von Massenbach 

info@modularfx.com 

86-90 Paul Street 

London EC2A 4NE 



Modular FX Services Limited is a provider of advisory and specialised analytics/data science services in the area 

of electronic trading/automation in Financial Markets, specifically FX. Modular FX Services Limited is also an 

independent provider of intelligent pricing and risk management technology solutions and advanced execution 

algorithms for global FX markets (in partnership with its affiliate Modular Financial Technologies Limited). 



We service the full range of participants in global FX markets from banks and financial services firms, 

corporate and institutional clients to credit card issuers and payment services providers. This also includes 

new and innovative business models at the intersection of finance and technology. 

Modular FX Services Limited 




model design • Strategy back-testing 

Other associated services: We advise on regulatory 

requirements and develop technological as well as 

organisational requirements for electronic trading 

businesses. We also advise on the governance, 

compliance and testing of execution algorithms and 

other trading algos. Modular FX Services Limited is also 

an independent provider of intelligent risk management, 

automated execution solutions and advanced execution 

algorithms for FX Spot, Swaps, NDFs. 


• Hosted solutions • Workflow solutions 

• Market Data solutions • White Label solutions 

Other associated services: Using a modular approach, 

we provide a number of lightweight technology 

components to improve the performance and 

capability of an electronic trading technology stack. We 

provide a range of specialised modular components 

for analytics, price construction (pricing engine) and 

algorithmic/automated risk management (risk engine) 

for sell-side and buy-side institutions, as well as 

corporate treasuries and payments. 

86 





Other associated services: We are a provider of 

independent, data-driven analytics for global FX markets. 

We also advice on and provide technology solutions for 

the (real-time) monitoring of complex systems in the 

area of electronic trading and automation in Financial 

Markets. Based on our proprietary technology solutions 

and scalable technology we can – on the basis of real 

customer flows – simulate the full range of market risk 

management and optimisation strategies. 


• Risk Management • Compliance & Surveillance 

• Global Support 

Other associated services: Our technology solutions 

are designed to be highly performant, flexible 

and scalable and prepare our clients for future 

developments, both in banking and capital markets 

technology as well as financial markets and services 

regulation. Our technology solutions are made up of 

components (“modular”), integrated to external APIs.



newchangefx.com 

Peter Harwood, Chief Commercial Officer - Andrew Woolmer, CEO 

info@newchangefx.com or peter.harwood@newchangefx.com 

71 Queen Victoria Street 

London EC4V 4AY UK 



Not your average FX TCA business. NCFX is not owned by a bank or broker and we don’t sell transaction data 

to banks. We specialise in FX TCA and when we so we do FX TCA properly. We are the only TCA business that 

creates benchmark FX data, and we are the only TCA provider whose data is regulated across spot, forward 

and NDF products. If you have a requirement to know what your FX actually costs, then stop asking your bank 

or broker to tell you and buy TCA services from an independent, benchmarked, unconflicted expert. 

Free FX TCA service - Sign up to our Client Portal here: https://portal.newchangefx.com 


Global Footprint: We offer 24 hour coverage and support. 


Other associated services: To analyse algos it is 

essential to have a rate that does not come from 

the platform providing the algo - otherwise your 

market impact cost is wrong. For the right answer 

you need independent data and you need 

calculations that take into account your trade size 

and the prevailing market conditions. We also 

supply analysis in real time so that it can be used 

in your SOR logic, meaning that your TCA informs 

your next trade in real time. 


• Connectivity solutions • Market Data solutions 

Other associated services: NCFX supplies Analytics 

APIs that are crucial to the world of AI driven FX 

execution. TCA should not be a dusty once a month 

report - it should be driving the next liquidity choice 

at the coalface. The value of real time calculations is 

that they inform that decision accurately, moving the 

SOR from something not at all smart, towards genuine 

AI driven technology that will always select liquidity 

according to objective, independent measures of quality. 

New Change FX 





Other associated services: Being founded on the 

principle of independent data, NCFX supplies accurate 

calculations that make sense whatever your choice of 

algo, platform, LPs etc. We have unique calculatuions 

to measure costs in a way that accounts for market 

conditions and transaction size. Your platform 

provider sells you TCA alongside execution services so 

that you don’t understand your market impact costs. 

Use NCFX to get the real picture of your costs so that 

you know what your choices actually cost. 


• Compliance & Surveillance 

Other associated services: NCFX offer independent 

TCA services with complete ambivalence to the 

systems and LPs you are using. Our technology means 

that we route trades from anywhere and everywhere, 

and we can route results back to wherever you 

require, including into systematic processes such as 

smart orderbooks and order routing technology. We 

provide data from which buyside clients can profit by 

using it in real time rather than allowing banks and 

brokers to take the data and exploit it themselves. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

87



pragmatrading.com 

David Mechner, CEO and Co-Founder 

1370 Broadway, 10th Floor, 

New York, NY 10018-7302 USA 



Pragma is an independent trading technology provider that specializes in algorithmic solutions. The 

Pragma360 FX platform is a fully hosted, managed solution that allows banks, brokers, funds and 

quantitative trading institutions to have their own, private label algo suite that is fully integrated with each 

bank’s or fund’s unique access to liquidity. For banks, Pragma allows the benefits of an in-house build, 

complete with all the necessary tools to service an institutional or corporate client. 



From its headquarters in New York, USA, Pragma services its clients in all global regions. This is achieved through 

its connectivity to the latest physical and cloud-based market infrastructure and 24/7 customer support team. 

Pragma 





Pragma offers unprecedented levels of flexibility and 

control to ensure its algorithms can be adapted and 

tailored seamlessly to each client. Our ‘grey labelling’ 

model allows clients to customise and develop 

proprietary solutions under their own brand and 

make adjustments to orders, the venues to trade, 

average quote sizes, risk conditions and whether 

they wish to make or take liquidity and more. 



As a hosted and managed solution, Pragma has 

clients live on its platform within months with a 

unique algo suite, a real-time monitoring tool, 

transaction cost analysis (TCA) portal and risk 

controls. This compares to the 2-3 years it can 

take to develop a comparable service in-house. 

Pragma360 is also fully compatible with multiple 

third-party order and risk management systems. 

88 


• Post trade transaction performance • Realtime 

TCA • Customised Reports • Execution 



Pragma’s TCA platform, TradeReports, enables 

clients to run custom reports across time frame, 

currency pairs, trader, time of day and many other 

factors to ensure a client can zero in on the specific 

orders they want to analyse. It also provides venue 

analysis so clients can see fill rates by venue and by 

algorithm, currency pair or trader. 






Pragma360’s Algorithmic Management System 

(AMS), Panorama, allows users to monitor where 

orders are routed, when they are filled or cancelled 

and make modifications to their strategy in realtime 

This means users stay in complete control of 

their orders at all times, allowing them to control 

and manage risk and react to extreme changes in 

market conditions when required.



ALGORITHMIC 

FX TRADING 

HANDBOOK 





FX algorithms 


Liquidity 











1 







ALGORITHMIC 

FX TRADING 

HANDBOOK 

89



www.quodfinancial.com 

Medan Gabbay, Chief Revenue Officer 

medan.gabbay@quodfinancial.com; sales@quodfinancial.com 

45 Moorfields 

Moorgate, Finsbury, London, EC2Y 9AE 



Our FX solution offers Price Aggregation, pricing creation and distribution, Smart Order Routing (SOR), algo 

building, Order Management, Risk Management, and ML capabilities. With the addition of Fixed Income (FI), 

Quod is now the only truly multi-asset data-driven OEMS covering Cash Equity, Listed Equity Derivatives, FX 

(All Instruments), and Crypto / Digital Assets - including machine learning and automated trading. 

• Bank clients • Broker clients • Others 


Quod’s headquarters are in London and have offices in Paris, Dubai, New York, and Hong Kong. Their hosted 

services are in London, Paris, Frankfurt, Hong Kong, Beijing, Johannesburg, and Tokyo - providing customer 

services all year round on a 24/6 basis. 

Quod Financial 


• Proprietary algos offered • Access to third-party 

algos • Smart Order Routing • Trading model 

design • Strategy back-testing 


Quod’s Adaptive Algos is a multi-asset algorithmic 

trading tool that listens to market events, such as 

market data and execution updates, to provide an 

adaptive and trading-specific decision-making tool 

– minimising market impact. The different algos 

can cope with fast markets and compile and reuse 

statistics to take increasingly smart decisions. 






Quod Financial is a hosted solution for Foreign 

Exchange Trading. Our platform can connect to 

all Liquidity Providers – ECNs, Banks, Non Bank 

Market Makers, allowing users to create their 

own constructed price to distribute and publish 

to clients, multi-dealer platforms, or internal retail 

platforms. 






Quod’s TCA provides a real-time granular 

breakdown of executions and uses ML to convert 

the qualitative output of TCA reports into 

practical changes for the trader to make in a 

complex EMS/OMS technology solution. 



• Liquidity Aggregation • Global Support 


Quod’s FX Maker and Taker solution leverages a 

data-driven architecture to continually fuel AI/MLenhanced 

trading automation. The web-based 

administration allows real-time configuration of 

the system, including algo building, pre-trade 

automation, client/risk management and more. 

90



raidne.com 

Jim Wyatt Co-Founder 

jim.wyatt@raidne.com 

33 Queen St Pl 

London EC4R 1AP 



Raidne is a foreign exchange focussed independent quantitative surveillance firm. Our aim is to bring the knowledge 

of advanced analytics that has been created by mathematicians who have worked in the most advanced investment 

banks, and use this knowledge to the benefit of the buy-side and of asset owners. We have created Siren - an 

alternative FX benchmark approved and regulated under the FCA benchmark regime (published by benchmark 

administrator New Change FX). We offer independent quantitative TCA & surveillance analytics to the buy-side and 

the sell-side. Raidne is available to provide expert witness services in relation to FX related legal disputes.. 

• Bank clients • Corporate clients • Fund & Investor clients 


Based in UK, able to offer services globally. Distribution via the world’s major investment banks Siren is 

available across the globe, simply ask your current bank to trade the Siren FX benchmark. 


• Proprietary algos offered 

Other associated services: Siren is the new FCA 

regulated benchmark for FX. It calculates and is 

published every 30 minutes. It can be used as an 

alternative to the 4pm FX fixing benchmark in 

order to achieve best execution. Siren is designed 

to reduce excess market impact over the fixing 

window leading to better average prices. Raidne 

can run a free study on your historical fixing trades 

to determine how much you could save by moving 

from your existing fix to the Siren benchmark. All 

the studies performed so far suggest clients could 

have reduced transaction costs and achieve more 

favourable fills on average by moving to Siren. 


• Market Data solutions 

Other associated services: Raidne in conjunction 

with New Change FX offers streaming live rates 

of the Siren benchmark as it is constructed. This 

delivers increased transparency and reduced 

tracking error for this benchmark. 



performance • Customised Reports • Execution 


Other associated services: Raidne QuantTCA is a 

sophisticated analytic engine based on independent 

market data that can be tuned to your specific 

requirements. Using our proprietary concept of 

“Pure Decay” we can accurately measure market 

impact and information leakage. We provide metrics 

for spread analysis and implementation shortfall in 

order to rank Liquidity Providers. 


• Compliance & Surveillance 

Other associated services: Raidne offers bespoke 

FX surveillance services and is able to offer expert 

witness testimony and advanced analytics to assist 

in FX related litigation cases. Raidne Surveillance has 

advanced analytics to monitor potential manipulation 

in FX including last look, benchmark manipulation, 

front running, ramping and spoofing. We monitor 

for compliance with the FX Global Code. 

Raidne Limited 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

91



ALGORITHMIC 

FX TRADING 

HANDBOOK 





FX algorithms 


Liquidity 











1 







92



refinitiv.com 

Jim Kwiatkowski, Global Transaction Sales 

jim.kwiatkowski@refinitiv.com 

5 Canada Square, Canary Wharf, 

London, E14 5AQ, UK 



Refinitiv’s ecosystem of FX trading market solutions provides a complete end-to-end workflow for trading 

forex. From price movements across all G10 and emerging market currency pairs, all the way through to 

conducting technical analysis and TCA, we empower our customers to make the right decisions in real-time. 

Our desktop, venues, platform and post-trade solutions can support them establish and operate a full FX 

trading franchise, while equally supporting their customers and partners across their network. 



Trade over $400bio daily, connecting a global community of 2,400+ customers, +500 currency pairs. 

Connect with 16,000+ counterparties and 4,000+ institutions, plus 300,000+ other financial professionals 




model design • Strategy back-testing 

Other associated services: Ability to generate cost 

savings through lower spreads 

Potential to reduce market impact, especially for 

larger trades 

Access to a wide range of liquidity sources 

Operational efficiency 

Transparency ad audit trail 





Other associated services: Comprehensive fx and 

money markets Electronic Trading. 

FXall: Streamline your pre- through post-trade 

process, execute trades efficiently, access hundreds 

of liquidity providers, and get full trade decision 

support and post-trade functionality, including 

confirmations, settlement instruction 

Refinitiv, an LSEG Business 





Other associated services: Optimize trade 

execution. Evaluate the cost and effectiveness of 

your execution strategies to inform your pre-trade 

decision making and your provider selection. This 

ensures you meet best execution requirements. 





Other associated services: Get access to deep 

liquidity in hundreds of currency pairs, efficient and 

effective execution, and full insight into your trade 

decisions with FX Trading. You’ll trade smarter, 

faster, and safer via aggregated trading venues 

and an end-to-end electronic workflow. 

ALGORITHMIC 

FX TRADING 

HANDBOOK 

93



www.siegefx.com 

Claude Goulet (CEO), Chris Dudley (Product), Marek Robertson 

(Distribution), Paul Alves (Americas) 

info@siegefx.com 

8th Floor 71 Queen Victoria Street London UK EC4V 4AY 



Siege is a peer-to-peer spot FX platform, established with the goal of creating a trusted environment where 

buy-side members have the ability to net offsetting orders before going to lit markets, reducing information 

leakage and minimising market impact. Siege’s in-house technology identifies netting opportunities in a 

continuous real-time process and provides the oversight and surveillance functions agreed upon with the 

Siege buy-side community. Trades are netted at the FCA-regulated New Change FX benchmark mid-rate and 

materialised on the 360TGTX platform in partnership with 360T of Deutsche Börse Group. 

• Corporate clients • Fund & Investor clients • Others 


Siege has offices in London and Boston. Contact details are available on www.siegefx.com and as follows: 

New commercial inquiries to info@siegefx.com Existing client and partner inquiries to support@siegefx.com 

Siege FX Limited 


• Access to third-party algos:• Smart order routing 

Other associated services: Siege can be accessed 

directly via FIX, the Siege UI, EMS or FX platform 

as well as via client execution algos from a range 

of providers. Certified partner algos include Siege 

in multi-venue, venue-exclusive and bespoke 

strategies, which take advantage of Siege’s no 

impact construct to load balance order residuals 

without information leakage. 


• Hosted solutions • Workflow solutions 

• White label solutions 

Other associated services: The Siege liquidity 

pool is built to fit in with your existing workflows, 

relationship banks and FX platforms. Siege is also 

available for SaaS deployment within a client’s 

order management workflow as a compliant 

internal netting solution across share classes, subaccounts, 

strategies and/or business units. 


• Post trade transaction performance • Customised 

reports 

Other associated services: Siege does not publish 

pre-trade orderbook or post-trade market data. 

Clients benefit from post-trade transparency as 

execution reports detail child order fills against 

the NCFX benchmark mid-rate with an array 

of timestamps. We support feeds to third party 

TCA providers as demanded by clients and offer 

participants guidance ex-post on maximising 

netting potential. 


• Multi-asset platforms • Risk management 

• Compliance & surveillance • Global support 

Other associated services: Siege operates a trusted 

anonymous environment for a community of 

qualifying direct client and algo client participants. All 

participants are subject to the Siege Rulebook and 

control framework, which is designed to preclude 

information seeking behaviour. Transactions are 

netted at FCA-regulated NCFX benchmark mid-rates 

and are subject to market surveillance, which includes 

mark-out calculations against the benchmark. 

94



smart-trade.net 

smart-business@smart-trade.net 

Immeuble Apogée, 500 avenue Galilée 

13100 Aix-en-Provence – France 



smartTrade’s agile end-to-end trading solution LiquidityFX is a a fully managed and hosted service, colocated 

in all the main marketplaces globally. Our solution offers connectivity to over 130 liquidity providers, 

aggregation, smart order routing, order management, pricing, distribution, risk management and fully 

customizable HTML5 user interface. smartTrade is supporting Foreign Exchange, Fixed Income, Equities, 

Derivatives (including Options), Cryptocurrencies and Money Markets. 

• Bank clients • Broker clients • Corporate clients • Fund & Investor clients 


smartTrade has offices in London, New York, Milan, Geneva, Singapore, Tokyo. 

Main office contact details are as follows: Americas +1 646 381 2029, EMEA +44 20 33 18 10 74, APAC 

+81 (0)3 6863 5286 



smartTrade Technologies 



model design • Strategy back-testing: 






• Pre trade analytics • Real-time TCA 


services 




ALGORITHMIC 

FX TRADING 

HANDBOOK 

95



360t.com 

Brendon Bigelli, Brandon Primack 

brendon.bigelli@360t.com 

Grüneburgweg 16-18 / Westend Carrée 60322 Frankfurt 

am Main Germany 



360T is one of the globally leading trading platforms for Foreign Exchange (FX).As Deutsche Börse Group’s 

powerhouse for FX, 360T provides a web-based trading technology for over-the-counter (OTC) instruments, 

integration solutions and related services. Since its inception in 2000, the company has developed and 

maintained a state-of-the-art multi-bank portal for foreign exchange, cash and money market products and 

FX/interest rate derivatives. 

• Bank clients • Broker clients • Corporate clients • Fund & Investor clients 


Headquartered in Frankfurt am Main, Germany, 360T maintains subsidiaries in New York (360 Trading 

Networks Inc), Singapore (360T Asia Pacific Pte. Ltd.), Mumbai (ThreeSixty Trading Networks (India) Pvt Ltd), 

Kuala Lumpur (360 Trading Networks Sdn Bhd) and Dubai (360 Trading Networks (DIFC) Limited). 

360 Treasury Systems AG 




algos • Smart Order Routing 







• Customised Reports 




96



ticktradesystems.com 

Will Kennedy 

will.kennedy@ticktradesystems.com 

Suite 601, 121 Richmond Street West 

Toronto. Ontario. Canada M5H 2K1 



TickTrade Systems Inc. is a Toronto-based e-Trading SaaS software solutions firm with operations in North 

America, Europe and Asia. The company was founded in 2013 by capital markets experts who believed the 

industry lacked solutions that could address its rapidly evolving needs through the use of new technologies. 

Their model offers a complete end-to-end trading and payments solution that covers pre- and post-trade 

workflows for FX spot, forwards, swaps, NDFs, time options, FX options and global payments. TickTrade’s 

modular components easily address specific needs and integrate with proprietary systems, reducing time-tomarket 

and technology investments. The platform’s AI-powered analytics and reporting solutions enable clients 

to capture, analyze and predict customer, market and liquidity provider behaviour. 

• Bank clients • Broker clients 


Americas, EMEA, ASIA 

TickTrade Systems Inc. 


• Access to third-party algos • Smart Order 

Routing • Proprietary algos offered 



• Market Data solutions • Workflow Solutions 






ALGORITHMIC 

FX TRADING 

HANDBOOK 

97

Your trading goals. 

Our expertise. 

UBS FX Algorithmic Execution 

Whatever your trading style or execution need, our suite of 

FX algorithmic execution strategies are designed to perform 

even in the most challenging of liquidity landscapes. Helping 

you to unlock opportunities and meet your trading goals. 

Employing advanced logic, under-pinned by machine learning, enables 

our algorithms to reduce market impact and optimize execution 

performance by anticipating and reacting rapidly to market events. 

To find out how, speak to our FX algorithmic execution experts today. 

For more information visit ubs.com/electronictrading-fx 

UBS Electronic Trading. Global Markets. 

Technology with a human edge. 

These materials are provided solely for informational purposes. 

98For further important country specific information visit: ubs.com/disclaimer 

© UBS 2021. All rights reserved.

Your trading goals. 

Our expertise. 

UBS FX Algorithmic Execution 

Whatever your trading style or execution need, our suite of 

FX algorithmic execution strategies are designed to perform 

even in the most challenging of liquidity landscapes. Helping 

you to unlock opportunities and meet your trading goals. 

Employing advanced logic, under-pinned by machine learning, enables 

our algorithms to reduce market impact and optimize execution 

performance by anticipating and reacting rapidly to market events. 

To find out how, speak to our FX algorithmic execution experts today. 

For more information visit ubs.com/electronictrading-fx 

UBS Electronic Trading. Global Markets. 

Technology with a human edge. 

These materials are provided solely for informational purposes. 

98For further important country specific information visit: ubs.com/disclaimer 

© UBS 2021. All rights reserved.

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