Tradepoint to launch fixing algos

Tradepoint Systems plans to launch two in-house FX fixing algos which are designed to help mitigate market impact and improve the execution quality which banks can offer to their clients.

Tradepoint to launch fixing algos
Noor Mohammed

Tradepoint Systems plans to launch two in-house FX fixing algos which are designed to help mitigate market impact and improve the execution quality which banks can offer to their clients. Initially being rolled out to two banks in Q4 2019, the algos are engineered to offer an alternative for banks with buy side and large corporate clients who tend to prefer the fixing prices offered by Bloomberg (BFIX) and Reuters (WMR). Banks currently struggle to offer the fixing price to clients and need to either estimate the fixing price in advance or work in a disadvantaged landscape after the fixing price is announced, says Noor Mohammed, director of business development at Tradepoint Systems. “That’s where these two fixing algorithms come in,” he adds.