Buy-side Perspectives Issue 14 Special edition | Page 22

Foreign exchange trading – onwards, upwards and forwards!
At our 9 th Alpha Trader Forum (ATF) Foreign Exchange
on 4 th October 2018, the buy side had an opportunity
to discuss the recent positive developments around the
availability of new types of FX data services for improved
decision making. The evolution of improved data goes
in line with the developments of the skillsets on the FX
trading desk towards more data scientists.
The buy side also had the opportunity to review the
consolidated K&KGC benchmark results showing the most
successful foreign exchange trading algorithm providers
used by the buy side today. This buy side lead initiative
sets the starting point for a richer taxonomy within
algorithmic foreign exchange trading in the industry. This
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is something that is needed with the rapidly increasing
sophistication of foreign exchange trading algorithms.
Execution management systems (EMS) and transaction
cost analysis (TCA) are also maturing technology areas
within foreign exchange. With limited buy-side budgets, it
is mainly a choice between multi-asset or best-of-breed.
Even if the buy side would identify their ideal solution,
their legacy order management system (OMS) may limit
their choices. There still remains additional challenges
such as receiving the required time stamps for accurate
TCA analysis if one is trading auto FX with custodians.
The buy side also had the opportunity to discuss the