With machines now handling more than 75% of the trading in some FX markets, the giants of Wall Street are racing to make sure their systems are ready.
“It’s a bit difficult for a trader to look at 10 different screens to get a price,” says Asif Razaq, BNP’s global head of foreign exchange algo execution services. “You can give us a basket of orders that you need to execute and upload it to Rex. It shows the client an execution plan: ‘This is what I’m going to do, I’m going to deploy Chameleon for this order, a Viper for this order.”