Please share details of the most recent key enhancements which have been made to the FX algo suite?
We have meaningfully advanced our FX algo suite in 2026, focused on driving greater efficiency and scalability for complex portfolio execution. We streamlined portfolio algo order entry through our strategic partnerships with FX Connect and Bloomberg. On FX Connect, clients can now use a dedicated Portfolio Algo/Basket Algo session to submit multiple legs into a single portfolio workflow. On Bloomberg, clients can use bulk upload to send an entire basket in one step. These enhancements reduce friction, accelerate execution, and position clients to scale portfolio trading with greater precision and control. We also expanded our Asian Non-Deliverable Forward (NDF) algo execution capabilities to include the Indonesian Rupiah (IDR) and the Philippine Peso (PHP), adding to our existing NDF algo suite — South Korean Won (KRW), Indian Rupee (INR) and the Taiwan Dollar (TWD). This reflects our continued commitment to delivering innovative execution solutions in more challenging liquidity environments where clients require greater precision and resilience. In liquidity curation, early adoption of OneChronos, an auction-based matching venue, positions us as the first algo provider live on the platform. Clients have responded positively to our early adoption, recognising the additional matching opportunity it enables.
What were the main drivers behind these changes?
The main driver behind the portfolio enhancements was usability. While the portfolio algo has been effective in helping clients optimise basket execution against benchmark metrics, order entry remained a constraint due to limitations in multi-dealer workflows that were unable to send multiple orders in one strategy efficiently. Our integrations with FX Connect and Bloomberg address this issue directly, reducing operational friction and improving scalability. The NDF expansion into IDR and PHP is driven by increased client demand for our unique franchise liquidity and differentiated NDF execution solutions. Clients increasingly value our interest-match options and access to synthetic NDF liquidity, including liquidity sourced from KRW onshore markets.
Are you seeing any change in demand for FX algos?
We are seeing broad-based growth, particularly in EMEA and within the alternatives client base. Portfolio execution workflows are gaining traction as clients increasingly need to manage executions across multi-leg baskets more efficiently. The basket algo is delivering stronger outcomes through its efficient frontier forecast framework and supporting more frequent rebalancing activity in recent months. Momentum is also accelerating in NDF algos, with adoption now spanning all regions. Following our recent expansion across Asian currencies, our next focus will be on the LatAm NDF market. Although we are only five months into 2026 we have already broken our all-time monthly algo volume record, underscoring the pace and durability of growth in the FX algo market.
Have you seen any change in demand for internalisation?
Internalisation remains a key focus as clients look to reduce signaling risk and improve execution outcomes. Access to internal liquidity, or true “peer-to-peer” market interest, is a strong differentiator for us through our Interest Match liquidity, delivering meaningful value. This is particularly true in NDF markets where external venue liquidity is limited. There is also an increased focus from clients on how to define ‘true internalisation’ during FX algo executions. We actively engage in this dialogue with our clients and strongly advocate that internalisation transparency should be explicit and easy to understand before, during and after the trade, ensuring full transparency in execution outcomes.
How is clients’ use of data and analytics evolving?
As platforms increasingly incorporate third-party transaction cost analysis (TCA) providers and pre-trade analytics, clients are taking a more data-driven approach to execution decisions. This includes determining whether to use request for quote (RFQ) or algos and selecting the right provider for best execution. Demand for bespoke, strategy-specific analytics is also rising beyond the scope of standard third-party TCA tools. Our eFX sales and algo quant teams work closely with clients to deliver deeper insights into event-driven market behaviour, analyse specific currency pairs, and identify targeted opportunities to reduce execution costs.
