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Michael Koegler

TradeTech FX USA highlights data quality and automation for FX algo adoption

February 2026 in Recent Event

Following a year of heightened market volatility, the annual TradeTech FX USA conference returned with a packed agenda and covered many of the ongoing discussions taking place in the industry around liquidity fragmentation, data challenges and the role of automation. These threads also highlight the evolution of the FX algo space which was covered on various panels through the event, including a dedicated algo panel consisting of leading buyside firms and algo technology vendors. Michael Koegler, Managing Principal, Market Alpha Advisors, who chaired this panel and several others during the conference, shares his insights into how the FX algo market fits into the overall evolution of the FX market and what lessons can be carried over into other areas of FX and even other asset classes.

Pictures by Richard Hadley

FX market structure today looks a lot more like equities than it does fixed income, according to Koegler. Not only is the overall FX market looking a lot more mature, but the use of algos is also a lot more developed. Koegler explains that there are now a lot of buyside firms using algos, although there are also many buyside firms that have challenges in terms of understanding how to use algos in the FX markets and how to integrate FX market structure today looks a lot more like equities than it does fixed income, according to Koegler. Not only is the overall FX market looking a lot more mature, but the use of algos is also a lot more developed. Koegler explains that there are now a lot of buyside firms using algos, although there are also many buyside firms that have challenges in terms of understanding how to use algos in the FX markets and how to integrate

FX market structure today looks a lot more like equities than it does fixed income, according to Koegler. Not only is the overall FX market looking a lot more mature, but the use of algos is also a lot more developed. Koegler explains that there are now a lot of buyside firms using algos, although there are also many buyside firms that have challenges in terms of understanding how to use algos in the FX markets and how to integrate

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