XTX Markets launches FX execution algorithm

XTX Markets has released a principal FX algo called the XTX Markets Execution Algo. The new strategy is an implementation shortfall execution algorithm that aims to reduce overall slippage to arrival price.

XTX Markets launches FX execution algorithm
Jeremy Smart

XTX Markets has released a principal FX algo called the XTX Markets Execution Algo. The new strategy is an implementation shortfall execution algorithm that aims to reduce overall slippage to arrival price. According to XTX Markets, it is a single algorithm stripped down to its essential features, with an intuitive real-time visualisation tool that allows users to observe the market whilst the order is being executed. Clients can also adjust the speed of execution of an order whilst in-flight and set limit prices within which the order must participate.

“This product allows buyside clients to benefit from our scale and market making expertise in FX. Our algorithm’s single aim is to measurably reduce the buyside’s trading cost when patiently executing larger orders,” says Jeremy Smart, Global Head of Distribution at XTX Markets. The execution algo is available for eligible counterparties. XTX provides access via its own web GUI and API and will support trading through major EMS providers and multi-dealer platforms. XTX says it is also partnering with select partner banks to distribute the algo to the corporate and real money clients of those banks in each partner’s core geography.