THETRADETECHFX DAILY
“ There is a lot of non-bank liquidity available and these providers are now trying to attract more buy-side business.”
less clear,” he explains. In turbulent markets, the ability to internalise flows also becomes more important. Mohammed highlights Tradepoint’ s capabilities:“ For example, if someone paid the e-FX desk 50 million and the voice desk over there is 50 million short in that moment, we can offer a very sophisticated way to internalise between them. That is the kind of internalisation we are focused on.”
Toby Baker, head of foreign exchange trading, T. Rowe Price
He adds that technology is now essential to competitive execution.“ Even if the price is available, if a client is too slow to get to it that puts them at a disadvantage. We dedicate a huge amount of resource to continually shave off a few five or three microseconds from our clients’ execution. This is not a feature, it is now a must. These are the differences that become even more important during volatile markets.”
Lessons learnt The tariff shock provided a reminder of how fragile liquidity can become when markets are shaken by policy. Traditional sell-side providers remain important, but their retrenchment during stress creates opportunities for alternative liquidity providers to step in. For the buy-side, flexibility, relationships, and diversified execution strategies remain the key to resilience. Ultimately, tariff-led volatility has reinforced that in today’ s FX markets, no single source of liquidity is sufficient. A combination of strong counterparties, advanced technology, and adaptive strategies is essential to ensure consistent access to liquidity when markets are most unsettled.
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