THETRADETECHFX DAILY from the floor or counterparty, and making adjustments accordingly. This type of analysis can then be fed directly into your trading decisions to assist with pre-trade decisions. Given the fragmentation of FX liquidity, post-trade analytics are invaluable for identifying which counterparties consistently provide competitive pricing and minimise slippage- empowering traders to optimise their routing. This level of reporting also supports more constructive conversations with counterparties, ultimately strengthening those relationships. Analysing historical data helps to uncover patterns that can inform future execution choices. For example, you may see that certain algos don’ t perform well during periods of elevated volatility, allowing you to incorporate this insight into your real-time execution decisions. Ultimately, we are living in a world of data and TCA helps to transform raw execution data into strategic intelligence, enabling traders to make data-driven decisions that enhance execution outcomes.
When it comes to the latest innovations, what’ s front of mind for you? Here’ s what’ s front-of-mind; both where we’ re already moving and where I see the next edge coming. Like most people, AI is what comes to mind right way. AI and machine learning is influencing market structure and trade execution, and many of the sell-side firms are using AI to inform their market making activities. The question is how we can leverage natural language processing to streamline workflows and enhance execution outcomes. This involves everything from scraping chats for axes to understanding flows. The way I see it, this is another type of data that we can now synthesise and tap into. The innovation isn’ t just better analytics- it’ s developing a closed loop system where eventually each trade helps to improve the next execution. AI can be used in trade-prep to better summarise live market microstructure, LP performance and embedding TCA at decision time into the OMS / EMS instead of post-trade. Auto-execution for standard flows is now table stakes; the next level is execution that adjusts dynamically to liquidity conditions, volatility and LP behaviour. Eventually, I see an AI agent sitting alongside traders offering guidance on trade execution. The trader of the future is not just a market strategist but also a technologist who is guiding and operating the system. Innovation isn’ t replacing human judgement; it’ s about adding to it. The other area I think we will see some advancement in is settlements, where hopefully we see a reduction in settlementrisk and stronger custodian involvement.
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