TRADERTALK
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The team
What sorts of clients are using your trading services and what are their main objectives?
We have a very broad client base with very specific needs. Tey can have speculative, hedging or client servicing objectives. Teir trade size varies from tiny retail amounts to large institutional amounts. Te frequency of client trades also varies from 1 trade per 10 seconds to 4 trades per day. Two objectives which they all have in common are best execution and flexible service. Some of them look for anonymity others look for low latency or for special GUI functionalities that we get to develop on a client per client basis.
We aim to become one of the best FX boutiques, focusing not on the mass market but on bespoke, “a la carte” e-FX services, catering for STP solutions, for dedicated communication lines or for cross connect solutions.
All of our clients working with us place a great deal of trust in our ability to do our core job which is managing liquidity and making sure the right customer is on the right stream with the right order type in order to protect banks. We never deviate from a customer’s main objectives and put our best efforts to achieve it with acumen, imagination and dedication.
186 | january 2012 e-FOREX
What do you consider to be the key strengths and operational advantages associated with the FX agency brokerage model?
It is a business decision for us to remain an agency broker as we want to be on the side of the largest liquidity providers who are the top tier banks.. Te agency model gives a very transparent e-FX service as it avoids any conflict of interest and provides total anonymity to the buy-side. It is also a risk mitigation for our operation, our clientele and the banks offering lines. Te liquidity providers only face the bank acting as the central counterparty.
Tis differentiates us from brokers that act as principal to the trades and therefore internalise the best portion of the flow and pass the rest to the banks. We are passing all the flow to the banks with no intervention in order to achieve a better relationship with them. Passing all the trades straight through demands a thorough policing of the flow. Te challenge is ensuring that we are distributing the right liquidity to the right customers. We manage it using direct APIs with the banks to cross connect to their servers and publishing anonymous identifiers in order to be able to communicate with the bank and place the right identifiers with the right streams. Tis way we
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