REGIONAL e-FX PERSPECTIVE
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accounting and payment systems. Tis is how the sell side is meeting that challenge. From RBC’s perspective, our use of multi-bank portals guarantees best execution in a competitive environment. Tis, coupled with RBC DX, our soon to be launched proprietary online trading platform, will allow clients to work market orders to meet best execution requirements 24/7,” states Savoy.
The personal touch Execution methods. Percent shares - April 2011
pricing from their chosen providers’ electronic service. For instance, at RBC we have re-engineered our pricing engines, our fast pricing deal capture systems and our auto-pricing to multi-bank channels. We have also selected several multi-bank channels to service the different client segments in Canada. Te redevelopment of our services will also include the launch our new proprietary platform called RBC DX.”
“Trough our existing proprietary platform, FX Direct, as well as strategic partnerships with several multibank channels, RBC has developed a sophisticated e-ecommerce offering to satisfy all client segments in Canada and abroad,” he states.
Canadian FX buy side demands
From an institutional stand point, the traditional methods of FX delivery in Canada have been voice- based, with some adoption of electronic channels. Savoy remarks that over the last five or six years, many commercial FX requirements have been catered for by the use of single dealer platforms and e-channel solutions. “As corporate clients have started changing their methods of execution, often asking for multiple banks over the phone, e-commerce can only facilitate that trade execution process,” Savoy comments. “In addition, internal regulation and controls within companies are increasingly requiring an audit trail with trade execution as proof that the buy side clients are receiving fair and accurate pricing. As a result, the way that corporate clients request execution from their providers has to change and ‘electronic means’ are the logical way to fulfil those requirements. Electronic solutions are evolving as customers are requesting straight through processing into their down stream
58 | october 2011 e-FOREX
Takis Spiropoulos, Managing Director, head of e-solutions group, Capital Markets Trading
at CIBC World Markets, remarks: “Traditionally large corporate clients have had dedicated FX sales coverage. Usually one relationship coverage person (with a backup) would call, depending on the client and their needs, at various frequencies throughout the day. Tey would be provided with breaking news, technical and general market colour via the phone. Orders would be solicited and clients might also call the sales person directly.”
Lorne Gavsie
“…the transition to e-FX is now in full swing in Canada, and banks are busy upgrading their technology to ensure domestic clients are not leaving for foreign liquidity providers…”
Source: Te Canadian FX Committee
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