FEATURE
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Cutting edge technology and strategy for buy and sell side FX traders at
25 - 27 September 2012
America Square Conference Centre, London
www.tradetechfx.co.uk
been through the whole execution and capture cycle automatically. We also have to look at the other end of the spectrum to settlement evolution from daily to continuous. We support a much more inclusive ‘end-to-end’ nowadays than was conceived some years ago,” he adds.
Teoretically, Dewannieux says the arrival of more multi-dealer platforms should result in tighter spreads, better liquidity and greater transparency, the current reality is that the single dealer platforms are capturing about twice as much trade as multi- dealer platforms, hence the liquidity is arguably less on the multi dealer platforms, although the long term trend is probably the reverse of that.
Dewannieux says: “Typically banks are quoting tighter spreads to direct clients via their own platforms, in part due to aiming to maintain a ‘brand loyalty’ but also to preserve a degree of confidentiality regarding the individual nuances of their volatility surfaces. It’s similar to general trading practices on electronic exchange traded derivatives platforms, such as Eurex, where market makers tend to respond to individual quote requests (RFPs) using tighter bid/ask spreads than they stream to the broader market, seeking to maintain some control over the transparency of their ‘best’ bid/ask.”
Future trends
Dewannieux believes the trend, over time, will almost inevitably support multi-dealer platforms, standardisation, collateral and clearing as it is a trend that has been seen in other markets and asset classes, generally due to both enhancing risk and regulatory control and increased efficiency.
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He says that great strides have been made to facilitate the better integration of pricing, distribution, analytics and bilateral trading features of FX options platforms, noting: “Some years back we distributed quotes, responded to RFQs and distributed and captured executions. Now we distribute reporting, position and risk analysis, trade queries and deal life cycle management, and the list goes on. Banks running e-platforms supported by the Murex distribution framework can extend every aspect of their business externally.” So in terms of the next round of innovation with electronic FX options platforms, Dewannieux says simply: “Easier, Better, Faster, Stronger”.
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