BidFX, a Trading Screen company, has continued to grow its FX algo offering with RBC Capital Markets recently becoming the latest provider to add its algo suite to the BidFX EMS. The RBC algo suite is available to all RBC clients and has seen large demand from institutional clients on the platform.
As BidFX has expanded rapidly into the institutional buyside, it has seen high demand for RBC and their algo offering, according to John McGrath, chief revenue officer at BidFX. “Algos are now one of the most common methods for buyside’s to measure their FX execution, which is why it is so pleasing to add more providers of RBC’s quality to the BidFX platform.”
Neil McClements, Head of EMEA eFX Sales at RBC, says the move is also in line with RBC’s commitment to drive transparency and consistency of execution. According to McClements, the bank recognises the important role third-party platforms such as BidFX have to play in ensuring these efforts enhance the FX market.
“We are continually developing and refining our FX algo capabilities on behalf of our clients to improve workflow and execution efficiency, deliver more consistency in performance and minimising market impact,” he explains. “Our robust suite of FX algo solutions is designed to be tailored with user-defined controls to each client’s execution goals and desired benchmark.”