Bank of America has seen FX algo trading volumes increase substantially by nearly 50% following a major rebuild of the offering. As a result, the algo provider saw an increase in market share last year, rising to the top three ranking across all major multi-dealer platforms and achieving the number one ranking on certain key platforms. Tan Phull, Head of FX Execution Trading Services at Bank of America, says that clients are also now allocating larger proportions of their trading activity to algos, with some shifting from 20% to over 90% of execution via automated strategies. “Client feedback is our most important performance metric. Over the past year, we have seen significant growth in revenues, rankings and the number of clients actively trading through our algos. This is testament to the investments we’ve made in both technology and expertise and reflects both the growing trust in algo execution as a mechanism to reduce cost and a more data-driven approach to trade execution. The next phase of development for the algo suite will focus on further refinements to enhance execution quality and help clients achieve better outcomes,” Phull says.
