e-FOREX : INTERVIEW
Meeting a man
Richard, what are your main day to day responsibilities at HSBC?
I am responsible for the pricing and risk management of electronic foreign exchange transactions. Over the last 20 months HSBC has been investing heavily in its eFX infrastructure. Tus, as well as my day-to- day risk management responsibilities I am heavily involved in the management of the ongoing strategic improvements we are making to our offering; ensuring we build an eFX offering commensurate with HSBC’s wider FX business.
Over the last year HSBC has been undertaking ambitious plans for strengthening what is already a powerful global FX franchise. In what ways has your team also been working at the same time to enhance the banks’ FX e-commerce offering?
Within the eFX group we have dedicated teams ensuring that our offering meets the needs of our client base; from identifying and implementing changes in our product suite through to enhancing the user experience. As my team is responsible for the pricing and risk management of electronic transactions, our goal is to ensure that we provide the most competitive and consistent pricing for our clients at all times. To achieve this we have been investing heavily in the trading side of the eFX business; both in terms of quantitative development to improve our pricing and risk management algorithms and, in terms of our underlying technology that supports those algorithms.
70 | october 2011 e-FOREX
with his eye on the ball e-Forex talks with Richard Anthony, head of e-risk - FX & Metals at HSBC
HSBC is one of the few banks with a truly global footprint which provides you with unrivalled market insight across multiple regions and client sectors. How has that helped in the development of your e-FX services?
HSBC’s global footprint means we have FX personnel in a large number of centres, a reach not rivalled by the majority of our competitors. Tis presence provides valuable local expertise which enhances the pricing process for less frequently traded currencies and outside of local hours. By leveraging this local presence and local liquidity we are able to offer competitive and consistent pricing at all times.
Do you agree with some analysts who contend that the market always gets faster and that success in FX is directly related to the level of IT and technology spend?
Te industry continues to focus on reducing latency as there is a clear advantage in being the first to react to any input into the pricing and risk management process. Tis has lead to a technological “arms-race” which has been the subject of much discussion and debate amongst market participants. Te market has therefore got faster and this has indeed fuelled technological spend by those who wish to remain competitive; a market-maker may have
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