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FEATURE


Of course, a high part of the FX business is already executed electronically as it is a highly homogeneous asset class in terms of the actual assets, certainly in relation to say credit instruments.


But for multi-asset platforms such as BARX, Robertson expects the regulatory changes to raise the bar for platform providers. “Connectivity and the client interface will be the key concerns. Platforms will have to facilitate all the different workflows that clients will use for different instruments and look to integrate all the new requirements for central clearing such as margin calculations for derivatives and then integrating the execution platform with the prime broking systems, for example.”


Marek Robertson


“It can be difficult to separate being client-focused from being product-focused. Of course you have to spend time finding out what the clients are looking for but to be innovative you have to offer something different which may not necessarily be what clients are asking for.”


quantitative FX research. According to Robertson this is an area where a big market share in FX can be valuable to clients providing that the service can package and deliver the content in the right way. Tis means making the content available through multiple channels such as mobile, something which is still in a relative state of infancy in the FX market.


“At the moment mobile is an interesting but not significant part of capital markets activity,” says Robertson. “In terms of using it for pre-trade content, for price discovery and, ultimately for execution, we are somewhere between the first two stages. Tere are still some elements around execution that need to be worked out but when I look at what it is possible to do via mobile in my personal life, then I think there is lots of room for the development of mobile services in the FX world.”


A final area of interest for the providers of electronic FX services is the unfolding regulatory environment, especially the changes around clearing and the mandating of central counterparties for certain instruments – something that is likely to lead to a general increase in the take-up of electronic trading.


38 | july 2012 e-FOREX Ian O’Flaherty


“We want the platform to give clients an insight into our FX trading rather than just push them information. So we still encourage our sales team to talk to their clients.”


Autobahn FX is Deutsche Bank’s e-commerce FX platform. It was first built 10 years ago and for six to seven years the users’ needs did not change markedly. But in the last two to three years the changes to market structure, regulation and trading strategies prompted Deutsche Bank to rebuild its platform and to make it a modular platform with a component- based architecture. According to Ian O’Flaherty, global head of FX e-sales, this approach should mean that the platform never has to be rebuilt and should any new regulations or market demands emerge, a new module can be added to the platform.


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