LEADER
Standing at thecrossroads:
Why FX must reinvent the post trade process
he last five years have been marked by an
unprecedented explosion in foreignT
exchange trading volumes, and even with
recent reports showing a decline in volumes from
certain segments, the impacts of higher volumes
are still felt across the industry. Furthermore,
reports make it clear that the transition of foreign
exchange into an asset class by a widening group
of institutional and retail investors is here to stay.
Jesse Drennan The growing volumes from these new segments
are a measure of the change, but underneath the
In April this year,Traiana and CLS announced volumes is a richer story of the transition of FX
a joint venture to provide trade aggregation into a mature asset class.
services to participants in the over-the-
The challenge – why post-trade processingcounter (OTC) foreign exchange markets. The
needs to changeaim is to reduce operational risk, rationalise
and consolidate legacy back-office processes, Like other markets before it, the FX market is
and reduce post-trade costs in the global being fundamentally changed through the
foreign exchange markets, at a time when proliferation of increasingly sophisticated trading
volumes have increased substantially. Jesse platforms and algorithmic trading tools, which are
Drennan, Director Product Strategy,Traiana, being adopted by existing market participants and
explains why post-trade processing in FX also attracting new participants. But the focus and
demands reinventing. innovation on execution has not led to the same
dramatic changes of the post-trade environment.
|20 october 2009 e -FOREX
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