Nicola Tavendale

Exploring the impact of more transparency: How far can clients go with engaging in the FX algo trading process?

June 2023 in Industry Views

The use of FX execution algos to increase transparency was one of the original drivers behind early algo adoption. Yet since the release last year of the updated FX Global Code, the importance of transparency came to the fore when it suggested the use of industry standard algo cover sheets and templates as a way of supporting market participants in meeting a range of disclosure and transparency principles within the Code. But as the FX algo market continues to evolve, what has the impact of greater transparency been on both algo providers and their clients and is it always an aim that is in everyone’s best interests? Nicola Tavendale investigates.

There is now a new landscape when it comes to how FX algo clients engage with algo providers, with clients increasingly showing a better understanding of how the algos work, says Ralf Donner, Head of FICC Execution Solutions at Goldman Sachs. “This translates into the kind of questions which clients ask us, which can be quite detailed in some cases,” he adds. “It’s common when onboarding a new client today for them to not just be interested in hearing a There is now a new landscape when it comes to how FX algo clients engage with algo providers, with clients increasingly showing a better understanding of how the algos work, says Ralf Donner, Head of FICC Execution Solutions at Goldman Sachs. “This translates into the kind of questions which clients ask us, which can be quite detailed in some cases,” he adds. “It’s common when onboarding a new client today for them to not just be interested in hearing a

There is now a new landscape when it comes to how FX algo clients engage with algo providers, with clients increasingly showing a better understanding of how the algos work, says Ralf Donner, Head of FICC Execution Solutions at Goldman Sachs. “This translates into the kind of questions which clients ask us, which can be quite detailed in some cases,” he adds. “It’s common when onboarding a new client today for them to not just be interested in hearing a

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