Audrey Costabile

Algos dominate FX execution as sophistication stands out, study finds

May 2026 in Industry Reports

There is an accelerating shift toward FX algo trading, with participants in a recent Crisil Coalition Greenwich report noting that the liquidity and quality of bank algos have ‘skyrocketed’ in recent years, making them the primary execution method for a significant portion of daily volumes. The report’s author, Audrey Costabile, Senior Analyst, Market Structure & Technology at Crisil Coalition Greenwich, shares key findings from the study, including the importance of sophisticated algo technologies and why the buyside sees bank relationships as a crucial differentiator.

The report, titled: FX Spotlight: Buy-side traders focused on best ex, algos and Non Bank Liquidity Providers (NBLPs), is based on the findings from interviews conducted with buyside FX traders in a bid to better understand their use of technology, dealer relationships and other market structure trends. Among the key trends identified is the new dominance of algo trading and technology for executing FX flows. While algos were once considered a supplementary tool, the report finds they have now become The report, titled: FX Spotlight: Buy-side traders focused on best ex, algos and Non Bank Liquidity Providers (NBLPs), is based on the findings from interviews conducted with buyside FX traders in a bid to better understand their use of technology, dealer relationships and other market structure trends. Among the key trends identified is the new dominance of algo trading and technology for executing FX flows. While algos were once considered a supplementary tool, the report finds they have now become

The report, titled: FX Spotlight: Buy-side traders focused on best ex, algos and Non Bank Liquidity Providers (NBLPs), is based on the findings from interviews conducted with buyside FX traders in a bid to better understand their use of technology, dealer relationships and other market structure trends. Among the key trends identified is the new dominance of algo trading and technology for executing FX flows. While algos were once considered a supplementary tool, the report finds they have now become

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