21 CENTURY FX:
ST
THE FUTURE OF
FOREIGN EXCHANGE
Patrick Fleur, head of FX trading and execution at PGGM
In 2002, a Dutch asset management
company traded an FX transaction
algorithmically for the first time. A
senior trader at the time, Patrick Fleur
has been a pioneer on the cutting edge
of electronic execution in FX ever since.
At the time, he was working for APG
Asset Management, a Netherlandsbased privately owned asset
management company. Although the
idea of electronic trading can be traced
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“The access to liquidity is far
better than the traditional
voice market."
back to 1976, when the NYSE
began sending orders to
appear on brokers’ screens,
it was not until the late 80s
that the first fully electronic
execution was taking place – and even
then, it was primarily in equities and
futures.
Now head of trading and execution at
PGGM, Fleur believes algorithms are an
under-used tool which savvy traders
www.buysideintel.com
can use in FX to significantly improve
their trading performance. “If you’re an
asset manager trading several billion
every day, you should consider using
algos,” he said. "The access to liquidity
is far better than the traditional voice
December 2016