BidFX expands global presence to meet client demand

BidFX Systems Ltd, a division of TradingScreen (TS), announced the opening of new offices in Italy and Australia in response to their large recent increase in market share in the eFX space.

 

Carlo Scotto, Sales Director Southern Europe

Carlo Scotto, Sales Director Southern Europe

Based in Milan, BidFX Italy will be headed up by Carlo Scotto. Carlo was more recently at FXALL/Thomson Reuters (now Refinitiv) where he was responsible for sales and business development in Southern Europe. BidFX Australia will be operating out of Sydney headed up by David Catterick. David joins from ITG where he worked in Sales within the APAC region.

 

The new locations strengthen BidFX’s commitment to servicing the institutional eFX space locally across all global regions and are strategically important as part of the response to the large growth of clients across all regions.

 

“The appointment of two strategic hires to drive business from our new offices in Milan and Sydney gives us an unrivalled local presence on the ground with operations close to our institutional clients in the region” said Jean-Philippe Male CEO of BidFX. “Not only are we showing commitment to our clients with the creation of a local infrastructure, but we are also showing a commitment and investment into the economy of the region”.

 

"BidFX intends to create a competitive advantage and long-term growth through investing in more regions to follow our commitment to clients.  It aims to become a leading FX trading and workflow solution eFX space globally” added Mr Male.

 

About BidFX

BidFX, a TradingScreen company, is the leading cloud-based provider of electronic foreign exchange trading solutions for the global financial marketplace.

BidFX clients have access to broker-neutral order and execution management services, which delivers them customised liquidity in all Foreign Exchange products from their banks and other providers. BidFX provides firms with a cutting-edge workflow solution ensuring Best Execution while encompassing a complete suite of negotiation protocols and tools. For more information, please visit: www.bidfx.com.

 

 

 

Keeping up with changes

Alan Dweck, Head of Sales APAC

Alan Dweck, Head of Sales APAC

Alan Dweck of BidFX, reflects on the evolving state of the e-FX markets and the solutions BidFX deploy to ensure the best possible results.

Q How do you view the changes to the e-FX markets  and what do you view are the key challenges facing the e-FX markets today?

A FX Markets are under constant change and some observers see e-FX as a driver for these changes, but my view is that this puts the cart before the horse. In line with the maxim that change is a constant in FX, market players are always looking for ways to improve their business and improve the efficiencies in the ways that they interact with each other and the markets. E-FX adapts in kind with these changes.

To put it another way, e-FX and the technology used by the markets have to keep up with the trends that are created by genuine business drivers. The key is to understand where the real business problems lie and if technology can provide a solution. It’s never about tech for the sake of tech as it can’t drive change on its own. It is only ever about the solutions to business problems that drive change.

E-FX’s main focus when it came into being was to minimise booking errors in fast markets, but then people found that it could solve another problem: that of rapidly establishing the best price for a trade, which spawned a number of click ‘n’ trade solutions. Although, in today’s markets a simple “click here to trade” is nowhere near good enough.

Nowadays the problems that BidFX are solving revolve around managing complex workflows that often involve multiple asset classes. Execution has to be seen in a contextual setting, with each context necessitating a different flavour of solution.

For instance, in the past trade allocations generally occurred post-trade because there was no time to handle their complexity at trade time. Technology today allows us to handle these complexities and so pre-trade allocations, or perhaps more accurately, point of trade allocations, are rapidly becoming the standard.

Q Can you give us some other examples of technology that have resulted in better solutions to old problems?

A We are currently releasing a pre-trade shaping environment that allows users to create and shape their trades from within their execution platform, bringing in cashflows and changing the way they are netted on the fly.

It’s becoming increasingly important for traders to work across asset classes, most notably in FX and futures where discussion has moved away from just global macro trading considerations and into cross-settlement.

There are urgent questions and issues that makes our relationship with SGX so important going forward. For instance: How can we make FX Futures and OTC FX more fungible? In working with SGX there has been a good coming together of minds, as we both focus on imaginative ways to solve these problems.

Interestingly, through futures, all kinds of asset classes are now coming together. Complex baskets of trades now look at FX impacts from across markets such as oil, gas, gold and even soft commodities. While this can mean that the fundamental nature of execution and position is getting more complex, it also brings to light the question of what the correct trading protocol is.

These may not be consistent across asset classes and the amount of information leakage has to be carefully managed by the buy side. Which is more suitable; RFQ, Stream, Bank Algo, BidFX Order types, Passive orders, OTC or via an ECN on a CLOB? Should your orders be visible to the market or is it better to wait for the market to come into line before pouncing? Also, the differing asset classes in a complex trade will often not support the same trading protocol.

It then becomes important for EMS solutions such as BidFX to handle the differences and normalise the trading experience as much as possible for the end users. This can only come from a genuine multi-asset environment with the necessary depth of functionality as provided by BidFX and TS.

Q There has been much focus on best execution due to regulatory changes around the world. How do you see these impacting the e-FX space moving forward?

A Firstly, best execution is not nearly as clear cut as we would like to think it is.

In the OTC market it’s a very “grey” space. Among its interpretations, it might mean one or more of the following:

-        Best price available in the market
This is practically impossible to be certain of in an OTC environment as no one has immediate access to all possible liquidity sources

-        Best price available to a trader at time of execution
This also has problems. For instance, why hasn’t the trader/firm made more of an effort to make better pricing sources available to them? Perhaps they have but their executing broker has run out of credit with their prime broker and is therefore unable to trade with them. This removes the ability for the innocent fund manager to access the best-in-market pricing that they believed they were able to access

Other issues include:

-        Timing as part of best execution,

This too raises questions: For instance, how does the timing of a trade stack up against the market risk of holding onto a position until a more liquid time of day?

-        Settlement costs and best value

The settlement costs of a trade may mean that the best price does not represent the best value to investors.

In the end, the solution to these problems lies somewhere in between functionality, workflow and reporting (TCA). At BidFX we have done a lot of work to ensure that not only are concepts like best value available to clients but also that all relevant information around a trade is captured. Therefore, whichever way you choose to define best execution, we can give you both the execution capabilities and the data to establish what you did and why.

Q There are several FX execution solutions out there. What do you think hedge funds should be looking for in their solution?

A I think the days of a simple FX solution are probably gone. We prefer to use the term FX EMS (Execution Management System) to describe our product.

A modern FX solution needs to provide a wide range of services. If I were a hedge fund I would be asking the following questions.

Q Can the system access a range of different possible liquidity channels?
A Each has its own uses in the market. So in order to get a full picture managers need access to a wide range including banks, non-banks, and ECNs.

Q Can you trade the full range of FX products on a single platform?

A Not just spot forwards and outrights, but swaps, NDS, forward-forward swaps, streaming and RFQ for both broken dates forwards and NDF. FX options are increasingly being traded electronically. Vanilla option structures have competitive pricing available which should also be subject to the rigors of best execution.

Q Is your solution truly multi-asset class?

 
A
Some systems claim to be multi-asset class but they are really the marriage of many different systems and machines under a unifying banner. That’s a bit like calling a web browser like Google Chrome a multi-asset class trading system because different trading systems can be accessed through your browser! Traders should look for the genuine integration of asset classes in a consistent environment, which is the only way that the true benefits on multi-asset class trading can easily flow.

 

Q What is the support service like?

A Support is critical. It is much more than just having people in your time zone that can handle any problems. It’s also in the quality of your account managers, the transfer of knowledge from vendor to traders and the ability to easily receive upgrades that keep your system up to date with all the latest innovations.

Q Are multiple workflows available from the same platform?
A From APIs to staging, click and deal, netting, shaping, slicing, pre- and post-trade allocations, automation and reporting, the modern FX landscape is complex. An EMS needs to be able to handle the complexity and simplify it all for the end user.

Q Any parting comment?

A As the markets change, trading needs will necessarily change too. It is therefore important to have an FX EMS that can meet with more than just your current needs. We cannot know what tomorrow will bring. Any solution that is designed only to meet your current needs won’t stand the test of time.

That’s why at BidFx we are constantly looking to innovate, while also listening carefully to our clients’ feedback and acting on it. This way, we intend for our FX EMS to continue to provide the best possible solution for the institutional FX world.

 

 

BidFX Algo Offering Keeps Growing, Adds Standard Chartered Bank

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BidFX is happy to welcome Standard Chartered Bank’s full Algo suite to its market leading Algo offering. The SCB Algo suite is immediately available to all SCB clients; and is the newest algo liquidity provider on the FX platform expanding on their already comprehensive FX offering on BidFX.

 

BidFX CRO, John McGrath, commented, “SCB are a leading liquidity provider on the BidFX platform and the expansion to add their Algo Suite has been very well received by the institutional buyside currently using BidFX. The evolution within the FX Algo space, regulatory and functional, has led to many of our clients looking for more sophisticated execution mechanisms. As part of this we have been working with our existing Liquidity Providers to provide an Algo Hub service to clients which encapsulates a complete range of strategies with no development and infrastructure costs. We work closely with our Algo providers such as SCB to ensure any new Algos can be onboarded as quickly as possible and in line with client demand.”


Jonathan Wykes, Global Head of Client Algo Distribution at SCB
commented, In response to increased demand for intelligent and transparent execution, we are pleased to be collaborating with BidFX to expand the distribution of our full suite of algos.  SC client execution algos have been designed with our clients’ trading objectives as the primary focus, determining how they behave and what they set out to achieve. Our strategies aim to work orders without signalling, can provide rapid execution if necessary, or trade on a volume or time trajectory.  SC clients can be confident that our sophisticated execution tools help optimise execution performance, allow access to our unique liquidity from our EM franchise, improve execution transparency whilst aiming to leave minimal footprint in the market. Our Algo Quants are continuously conducting research on how to best enhance our strategies to ensure we remain at the forefront of the evolving landscape.’

BidFX is a TS company - the market leading provider of electronic trading solutions for the global financial marketplace. For more information visit: www.bidfx.com


Standard Chartered Bank – We are a leading international banking group headquartered in London and have operated for over 160 years in some of the world’s most dynamic markets.  Our purpose is driving commerce and prosperity through our unique diversity. For more information, visit: www.sc.com  

Why are firms failing on Mifid II reporting?

Published originally in Wealth Manager By John Schaffer 26 Apr, 2019

Earlier in April, regulatory consultancy Bovill suggested that nearly one in four firms submitting transaction data under Mifid II rules filed inaccurate returns. 

We dug further into the findings and asked compliance experts why firms are struggling to comply with the new regulations.

Matthew Chapman, senior principal consultant at ACA Compliance, suggested that there has been a ‘systematic’ problem in reporting failures.

‘There’s a misconception that as long as the reporting process appears to be working and validation errors are being cleared, that everything is as it should be,’ he said.

‘The FCA has been saying for months that they are losing patience with reports which are ‘valid but wrong’ – where fields are populated with values which pass validation, but which are incorrect. In some cases they are clearly fabricated to force a report through the validation checks.’

Bovill managing consultant, Damon Batten, told Wealth Manager that, although in principle transaction reporting should be easy, firms are struggling to pool all the data required from myriad systems.

He said: ‘The issues arise because the reports themselves are complex, they require data to be sourced and consolidated often from a number of systems, and the scope of the reporting is very broad. Many errors creep in when data is transferred in back office systems, with every transfer or mapping of data representing a risk.

So do firms have the right systems in place to comply with the new regulation? Batten believes that although many will have made significant investments in back office technology, others will still be reliant on ‘very manual processes’.

He said: ‘The biggest area of under-preparedness is generally in the controls and validation, where firms are still not able to prove and continuously improve the quality of their reporting.’

BidFX CRO, John McGrath

BidFX CRO, John McGrath

John McGrath, chief revenue officer at BidFX, added: ‘On top of the bid/offer price, asset managers face the unenviable task of uncovering implicit costs that could include commissions and taxes.

‘This presents somewhat of a problem, particularly as what is considered ‘best execution’ is no longer necessarily obtained by trading at the best price, but at the price that represents best value to the fund. If these implicit costs can’t be displayed clearly to investors, how does a fund manager harbour any hopes delivering the best possible value?’

 

Batten stressed that the vast majority of firms in the UK take their obligations under Mifid seriously. However, transaction reporting in particular is a back office function, and therefore nothing but an overhead to firms.

He said: ‘Firms are balancing the regulatory risk of misreporting versus the significant cost of designing systems and controls which would be capable of ensuring 100% accurate reporting at all times.’

Chapman added: ‘There are few firms which have failed to appreciate the importance of correct reporting.

‘Although reporting is a largely binary process, it is riddled with complexity. Even when a firm has reported in a way that is, to all intents and purposes, correct, their data is being corrupted by their service providers. This results in an unholy mess that can only be discovered through regular reviews of data extracted from the FCA’s market data processor.’  

P&L Talk Series with Bid FX’s Jean-Philippe Male

Bid FX recently announced that Singapore Exchange (SGX) has bought a 20% stake in the company, with an option to acquire a controlling interest. The firm’s CEO, Jean-Philippe Male, talks to Profit & Loss about the rationale behind the deal, and some of the structural trends that he sees shaping the FX market.

CEO, Jean-Philippe Male

CEO, Jean-Philippe Male

Profit & Loss: What was the thinking behind the SGX deal?

Jean-Philippe Male: We see the FX and the futures markets getting very close to one another and so we really wanted to partner with a large player in the futures market to help develop our platform purely as a technology offering that will bring liquidity coming from the futures market together with our existing FX offering. Bid FX is very successful in Asia, a very large portion of our revenue comes from Asia and hence the partnership with the largest FX futures exchange in the region came naturally.

P&L: In the release announcing the news it said that you’re going to use the funding from this deal to further penetrate the institutional investor segment. Can you give us any more details about where specifically this funding will go?

JPM: Bid FX is relatively small in terms of headcount, we ended last year with 35 employees spread mainly across Europe, Singapore and New York, with the R&D is done out of London. We are basically at a point where the product is ready, it is accepted by the market and we have more customer implementation pipeline than we can handle. So, we’re going to grow both the R&D and the onboarding departments to be able to respond to the market demand for our products, and we’re also going to increase our sales and market teams to address the markets that we don’t cover yet.

P&L: You said that a lot of your revenue comes from Asia, what’s driving this?

JPM: There’s a lot of different currencies in Asia, the market is extremely fragmented with a lot of different liquidity providers that specialise in these NDF currencies, and I think that has really played to our advantage. Also, Bid FX is a relationship platform and a lot of these markets in Asia are still very relationship driven, unlike Europe and the US where there’s a bit more anonymity in terms of trading.

P&L: You also mentioned that you see FX and futures getting closer together, what do you see as driving this trend?

JPM: Capital constraints is clearly one driver. It’s getting more and more difficult to get a prime broker with large PBs raising their fees. I think that as regulations increase capital requirements  will make it more difficult to fund this kind of OTC activity and some flow will naturally move into futures.

We’ve also seen a few of our clients that used to trade OTC FX to hedge their portfolio shifting part of their activity to futures purely because it’s easier for them because they don’t have to sign ISDAs with all of their counterparties and it becomes easier to prove best execution. I should point out here that I’m talking about long only asset managers and it is only a subsection of them rather than a general move, but I still think that it’s getting to the point where investors can no longer ignore futures.

P&L: So, do you see this deal with SGX as part of a broader trend of exchanges buying into the OTC market?

JPM: Absolutely, but I think that it goes both ways. I think exchanges have realised that there’s a big part of the market that they’re not touching and so they’re interesting in getting access to platforms and technology vendors such as ourselves, not necessarily so that they can bring this part of the market onto the exchange, but just so that they can get some exposure to it. And by the way, this is true not just in FX but also in fixed income. And then from our side, we have clients asking us to become bigger and many of the competitors that we face on deals are backed by very large financial groups.

P&L: Speaking of other markets. Bid FX was spun out from Trading Screen, which has a background in equities. To what extent to you see parallels between what you’re doing now and what you’ve already seen happen in the equities market?

JPM: That’s an interesting question. I can see both markets getting closer together, but I wouldn’t say that FX is trying to copy equities. What’s interesting is that TradeWeb – which is pretty big in ETFs, which is an equity-like instrument – recently announced that they’re now doing RFQ, full block equity, and it makes me smile because for the past ten years I’ve kept reading that fixed income is going to turn into equities, but actually equities is turning into fixed income!

But equally, you’ll probably see some people in FX and fixed income that are used to dealing purely on an RFQ, bilateral basis and giving up a lot of information before the trade, beginning to trade on more anonymous central limit order book, centrally cleared style venues.

P&L: Are there any other major trends that you see developing in the FX market right now?

JPM: The main trend that we’re seeing right now is the greater use of algos. One of the big projects that we’re going to be working on this year is adding a lot more data and analytics to our offering. It’s not our goal to become a TCA provider but I would say that we probably have some of the best data for certain currencies, in particular EM currencies, and our system is designed to respond to market demand when it comes to big data. I think that’s clearly where FX and flow automation is going – the algos are just the cherry on top of the cake, underneath what people really need is good data and good analytics to drive these algos.

P&L: In terms of product road-map then, what else are you focused on going forward?

JPM: Well we’re continuously looking to expand our product coverage in FX. Last year we worked a lot on an FX options product that went live this year, we’re connecting liquidity providers at the moment and we’re about to go live with our new netting engine.

This netting engine is really a new generation order management system (OMS) for FX that is very tightly linked to the EMS that we have. We’ve already had flow automation for a number of years on the EMS part of the platform, but now we’re also going to have the entire flow automation on the OMS as well.

Galen Stops

SGX expands FX growth pillar with strategic investment in BidFX

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News Release

 

27 March 2019

 

SGX expands FX growth pillar with strategic investment in BidFX

 

·        SGX sees opportunity in bringing together FX futures, OTC markets

·        BidFX accelerating sales, development of next-generation cloud-based FX trading platform

Singapore Exchange (SGX), Asia’s most international multi-asset exchange and largest foreign exchange (FX) marketplace, today announced it has acquired a 20% stake in BidFX, including an option for additional shares to gain a controlling interest, for a total cash consideration of US$25 million.

 

The strategic investment is part of SGX’s strategy to build core pillars of growth across multiple asset classes. BidFX, a specialised trading platform for global FX markets, plans to utilise the funds to further grow its reach and offering among institutional investors.

 

BidFX was spun off as a division of TradingScreen (TS), a provider of a multi-asset execution and order management system, in January 2017. It offers a cloud-based, front-end trading platform to help hedge funds, traditional asset managers and regional banks trade, improve access to liquidity, generate alpha and simplify workflows. Its liquidity aggregation platform supports FX spot, swaps and forwards for G10 and Asian currencies.

 

Loh Boon Chye, Chief Executive Officer of SGX, who will join the Board of BidFX, said, “FX is one of our key growth pillars and we are excited to strengthen our service proposition to the market. With this investment, we have an opportunity to offer our suite of Asian FX futures alongside the over-the-counter (OTC) products offered on the BidFX platform, bringing together both pools of liquidity. We are confident that over time, they will establish themselves as a global e-FX platform and complement our fast-growing FX business.”

 

Jean-Philippe Malé, CEO of BidFX, said, “This capital investment enables us to enhance our expertise and products to deliver comprehensive FX trading coverage to market participants in one workflow management system.”

 

Pierre Schroeder, CEO of TradingScreen, said, “We’ve been incubating BidFX inside TradingScreen, with demand for the most sophisticated FX trading and workflow solutions expected to grow significantly in the coming years. This investment strengthens BidFX’s leadership status across the global financial markets ecosystem.”

 

Singapore, as the biggest FX centre in Asia and the third-largest globally, continues to attract strong FX trading activity driven by the growth and volatility in G10 and Asian currencies.

 

Since SGX introduced FX futures in November 2013, over US$2 trillion in aggregate notional has been traded across its entire FX franchise. As of end-February 2019, the exchange’s FX futures had an average daily turnover volume of US$4.3 billion and notional open interest of US$5.4 billion. Last year, SGX launched FlexC FX Futures, an innovative feature that allows market participants to trade customisable FX futures in an OTC manner and clear transactions on the exchange.

 

bidfx_sgx.jpeg

-End-

 

 

About BidFX

BidFX, a TradingScreen company, is the leading cloud-based provider of electronic foreign exchange trading solutions for the global financial marketplace.

BidFX clients have access to broker-neutral order and execution management services, which delivers them customized liquidity in all Foreign Exchange products from their banks and other providers. BidFX provides firms with a cutting-edge workflow solution ensuring Best Execution while encompassing a complete suite of negotiation protocols and tools. For more information, please visit: www.bidfx.com.

 

About Singapore Exchange

Singapore Exchange is Asia’s leading and trusted market infrastructure, operating equity, fixed income and derivatives markets to the highest regulatory standards. As Asia’s most international, multi-asset exchange, SGX provides listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore.

 

SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN and offers commodities and currency derivatives products. Headquartered in AAA-rated Singapore, SGX is globally recognised for its risk management and clearing capabilities. For more information, please visit www.sgx.com.

 

Media Contacts

Singapore Exchange

Yee Kai Pin

Marketing & Communications

+65 6713 6455

kaipin.yee@sgx.com

 

BidFX

Centropy PR

Tim Focas

Head of Capital Markets

+44 (0)20 709 281 33

tim.focas@aspectusgroup.com

Holiday Season Donations

To all our Clients and Strategic Partners,

 

As the Holiday Season gets closer BidFX has decided to donate this year’s marketing budget traditionally spent on Holiday Season cards to 2 charities.

Firstly reflecting our Global reach we have selected Unicef – keeping children safe.

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Secondly reflecting our London HQ we have chosen the London Children’s Flower Society. This charity gives London school children including special needs schools the opportunity to get involved with gardening in the City, with the physical and mental health benefits it brings.

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We value all of our clients and partners who we worked with in 2018 and look forward to 2019.

IHS Markit Adds BidFX to MarkitSERV FX Post Trade Network

MarkitSERV integrates with BidFX.

MarkitSERV integrates with BidFX.

LONDON (September 11, 2018) – IHS Markit (Nasdaq: INFO), a leading global provider of financial information services today announced that MarkitSERV will offer integration with BidFX, an industry leading execution management system (EMS) in the $5 trillion daily FX market, for straight through post-trade processing of FX trades, including FX spot, forwards, swaps and NDFs.

In working with BidFX and other FX trading venues on its network, MarkitSERV delivers a comprehensive, flexible STP solution for FX trading which includes a hosted service to disseminate trades from execution venues to clients’ internal trade capture and risk systems. The low latency service eliminates manual trade booking and provides real-time trade notification, position and P&L updates, confirmation of dealt trades, and enhanced operation and risk control.  BidFX and MarkitSERV clients benefit from integration between the services and resource-efficient onboarding, including minimal demands on their own IT resources.

“BidFX is a technology-driven company and integrating with them gives our customers post trade connectivity to this important marketplace,” said Chris Leaver, managing director and head of business development for FX at MarkitSERV. “With MarkitSERV, firms can be trading with any of the more than 80 FX venues on our network while benefiting from the robust and standardized STP solution we provide.” 

“Working with MarkitSERV expands our reach and brings a range of flexible post trade processing services to our clients. The current FX marketplace requires real time awareness of executions across various levels of trading desks including PMs, traders and compliance and risk teams,” said Scott Gold head of business development for BidFX. “Through this alliance, we are all able to deliver automated end-to-end STP solutions to all of our clients.”

Around 80 major FX ECNs, multi bank portals, aggregators and single dealer platforms connect to MarkitSERV to provide their customers with comprehensive post trade services.

BidFX is a TradingScreen company.  Cloud-based trading and workflow technology from BidFX provide sophisticated execution management, a suite of negotiation tools and a hub to algorithmic trading suites from all major banks.

 

About IHS Markit (www.ihsmarkit.com)

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.

 IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2018 IHS Markit Ltd. All rights reserved.

 

 

Internships at BidFX

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We weren’t sure what to expect initially from our internship with BidFX. As Computer Science students in our second year at Imperial College London we didn’t have any previous experience of foreign exchange or working in Fintech but that didn’t stop us working on some exciting problems over the past few months. From the very first day the atmosphere was very friendly. Everyone in the team introduced themselves and we had lots of support adjusting to the company’s development environment. 

They made sure we always had something to be working on. We started off by building a Slack Bot for the sales team who needed access to their client’s usage of the platform. The Slack Bot was named “Eve” as per the sales team’s request. Eve could receive user friendly queries from the sales team and respond by generating reports tailored to the query. Rigorous security measures had to be put in place as it was handling commercially sensitive data. This provided a great opportunity to learn more about networking and security in industry. 

Eve was also the first product to be deployed on the company’s cloud system using Kubernetes, so we also learned a great deal about containerized applications. This was a cool introductory project. It allowed us to understand the basics of FX trading and provided insight into how the business works. In addition, it was great to see the sales team using it and improving their productivity as a result. 

The next stage of the internship allowed us to voyage into the fray of FIX messages. Our new task was to fill a gap in the database of roughly three days of historical FX time series data from raw FIX logs and convert it to JSON format. This was very challenging. The BidFX platform ingests up to 3 billion price updates per day and all the liquidity providers use different FIX specifications. At first, we had no idea where to start. However, with some help from the team we managed to recover all the lost data. The experience gave us an even deeper understanding of the FX trading infrastructure, with a big focus on being able to work with FIX. It was also great to apply some of our knowledge from university to the project.

In the final stage of the internship, we joined a development team and helped migrate approximately 6 years of tick data to a new JSON format for upload into the cloud. It was terrific to work with a larger team by learning from their experiences and to contribute to essential projects for the company. 

One of the main highlights was the developer offsite day. We were given a private tour of the National Museum of Computing, a remarkable experience and a great showcase for how far Computer Science has come since its inception over 75 years ago. We also enjoyed a talk from our CTO about the future challenges and goals of the company in the years ahead.

Overall, it was a thoroughly enjoyable experience. We learned so much about FX trading and Software Development. The team were very friendly and were always happy to help us when we ran into issues. We would recommend any Computer Science students to do an internship at BidFX if they are interested in FinTech.

Ben Dixon and Matthew Robinson
Intern Developers

Project Management at BidFX

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BidFX offer the world’s best FX Execution Management System. Having been at BidFX for just over one month, my first impressions have been overwhelmingly positive. In my role as a project manager I have the luxury of getting to work with everyone in the company. While there are differences in what the various teams do, there is one thing they have in common; a sense of pride in their software and a belief that theirs is truly a leading execution management system. In many ways that makes my job significantly easier. When the people building the software are passionate about delivering robust high-quality code, it makes managing projects simpler, allowing me to focus on supporting the team, planning our future projects and delivering the current ones on time. It also provides reassurance, both internally and externally, that when new features are implemented they are well built, comprehensively tested and the team supporting them knows them inside out.

On the flipside when you have a sales team who are motivated by delivering the best for their clients including getting any improvements or changes turned around as quickly as possible, that presents a different challenge. There is a constant compromise between delivering strategic projects such as our forthcoming FX Options offering, and important tactical improvements specifically requested by clients. What I’ve been impressed with is BidFX’s ability to do both. 

That’s where I come in as a project manager/scrum master. My role is to keep things organised and support the developers so that they can deliver functionality for our clients on time and to a high standard. Another part of my job is discussing new requests from clients with the sales team. It can be challenging to balance the changing priorities and try to keep everyone happy! These challenges are one of the reasons I love my job, and BidFX have been nothing but welcoming. Having moved from a large retail bank to BidFX I’ve noticed how well everyone works together, the support internally is amazing and there is a real focus on training and development.  

Now that I’ve got my bearings and truly feel a part of the BidFX team, what’s next? Well for now, my focus is on delivering our FX Options project, supporting the development team who focus specifically on client requests and encouraging the newest members of our development team to work in an agile way. Following that I look forward to getting better insights into how our various client’s workflows map to the rich feature set of TradeSmart, kicking off a whole new set of projects and helping the team to continually improve their processes and practices. I look forward to playing my part in progressing the world’s best FX EMS.

Natalie Walker - Project Manager

Secret Dev Offsite

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Last week the BidFX dev team went on a mystery day trip. During the minibus journey towards a classified location, many guesses were made as to where we were heading, everything from London zoo, to some dilapidated fairground we passed. It took quite some time, and a bit of cheating with Google maps, before we realized Bletchley Park would be our final destination, leaving behind the busy streets of London for the top-secret home of Britain’s World War II codebreakers.

What followed was a tour of The National Museum of Computing, with a guide who helped illustrate in a very surreal way just how far we have come in 75 years of digital computing. The massive array of vacuum tubes that were used in the first generation of computers, weighing tons and yet being computationally tiny in comparison to modern machines, were marvels of human progress. The storage of the EDSAC comprised 1024x17-bit words of memory, crammed into a wooden box the size and shape of a coffin. Compared to my phone, that’s a hundred millions times less storage than something I can hold in the palm of my hand.  

Our museum tour guided us from the metal behemoths of first generation electronic computing, through the Cray-1S supercomputer, to the slightly off-white plastic laptops of the early 90s. The technological progress from valves to decatrons, through transistors and onto integrated circuits was impressive. The whole experience that at first felt like a quaint history lesson with a side of humour, began to feel more and more like a nostalgic trip through my own past. As the items we saw grew closer and closer to those I could remember from my earliest days as a technology obsessed youngster, I realised this was the sort of off-site excursion that knew the audience it was trying to please.

At the end of the tour and in a pleasant homage to the boom of personal computing, a sweep of 8-bit to 64-bit game demos, from Lemmings to Crash Bandicoot were on hands-on display. The team and I were quick to forget our day jobs as we focused on thrashing each other’s best arcade scores. I would say it was quite satisfying as a new hire to beat my more experienced colleague at Mario Kart 64, although he did come bang on last, and coming second to last never really does feel like much to boast about.

Following a spot of lunch was another tour, this time of the code breaking machinery used during the war. We viewed a recreation of a Bombe designed by Alan Turing to break Enigma and the mighty Colossus – the world’s first electronic computer – built by Tommy Flowers to break the ultra secret Lorenz ciphers of German high command. It was quite amazing to look upon these when you realize the significance they had on the war’s outcome, why Churchill praised their creators as “the geese that laid the golden eggs – but never cackled”, and the Germans being quite unaware of Bletchley Park’s ability to crack their most secure communications.

Next up was our turn at egg laying: the Colossus challenge. A manual code breaking race, using the same techniques as followed painstakingly by wartime code breakers. In teams we were given the task of breaking a Lorenz ciphertext, the plaintext of which formed a clue that would reveal the location of a keycode to some goodie filled chest. Still buzzing from the rush of video gaming, we respectfully let one of the other teams collect that prize.

Finally, we received a presentation from our CTO which covered not only our future project aims but also discussed a refocus of our approach towards development. This is when the relevance of our formerly secret location became clear: as a fintech firm, security is at the heart of everything we do. Other topics such as documentation, source code control, time management and the renewed focus on pair programming were discussed as effective methods of improving development practices. It seems to me having been in the firm for only a short time, that BidFX is a young company with a progressive view on development practice. The company is actively pursuing change provided it brings about better outcomes and is clearly focussed on developing secure and well documented software.

Overall the day felt well planned and it was enjoyable to observe the past foundations of a technological landscape that we at BidFX are now poised to build upon. I very much look forward to future trips of this kind and am excited by the reaffirmed vision this company has to deliver the cutting edge of fintech in the global FX market. It was also interesting to be reminded that, although our modern technology may be much smaller and faster than ever before, information security is just as essential today as it was in the 1940’s.

Frazer Bennett-Wilford – Developer

SGX rolls out new FX solution with innovative flexible features

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New SGX FlexC FX Futures offer market participants the ability to trade customisable foreign exchange (FX) futures in an over-the-counter (OTC) manner and clear the trades on SGX’s platform

Singapore Exchange (SGX), which operates Asia’s largest, most diverse and fastest growing FX exchange, today announced it will launch SGX FlexC FX Futures that aim to futurise OTC product offerings.


Targeted to be launched on 27 August 2018, SGX FlexC FX Futures – developed in consultation with market participants – enable bilateral trades that are privately negotiated with tailored expiration dates to be registered and cleared like a standard SGX FX futures contract. This innovative feature will be available for INR/USD, KRW/USD, TWD/USD, USD/CNH and USD/SGD contracts.


Michael Syn, Head of Derivatives, SGX said, “Access to counterparty credit, especially for tenors longer than spot, is increasingly scarce and expensive in the OTC FX markets. To encourage broader adoption of price risk management in Asian FX, SGX is proud to announce the innovative FlexC FX Futures. We have worked with market participants to bring the efficiencies of futures market infrastructure into Asian FX. FlexC FX offers futurised client-clearing, bringing the surety of SGX’s market-leading central counterparty clearing house (CCP) to existing bilateral credit relationships, and expanding opportunities for improved Asian FX price discovery and risk management workflow.”

In today’s complex trading environment, SGX FlexC FX Futures aim to help streamline the regulatory obligations faced by market participants. With FX markets moving towards central clearing, this new feature will offer an effective way of enhancing operational efficiencies, lowering costs and counterparty credit risk, and keeping bilateral trading relationships at the same time.

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Jean-Philippe Male, CEO, BidFX, said,“BidFX is always very happy to work on innovative solutions that address today’s complex trading and post-trade environment. We are delighted to support this initiative with SGX which will help enhance our clients operational capabilities as well as provide alternatives to a pure OTC trading workflow.”


Ayal Jedeikin, Co-Founder and CMO, TradAir, added, “We are excited to participate in this new SGX initiative. TradAir has been a pioneer of trading software for regional banks and Inter-Dealer Brokers for emerging currencies since its inception. We see great potential in utilising SGX FlexC FX Futures solution to remove existing frictions in the OTC FX markets for currency pairs associated with INR, KRW, TWD, CNH and SGX so that market participants can continue to enjoy an unparalleled level of growth as experienced in the past few years.”

Singapore Exchange Limited
Company Reg No. 199904940D
2 Shenton Way, #02-02 SGX Centre 1, Singapore 068804
main: +65 6236 8888 fax: +65 6535 6994
sgx.com

BidFX Completes Integration with Orchestrade Financial Systems to Offer Clients Full eFX

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LONDON -- June 21, 2018 -- BidFX, the industry leading EMS designed for the $5 Trillion daily FX market, today announced full integration with Orchestrade’s core portfolio management and risk system.

Clients’ ranging from asset managers to hedge funds can now benefit from this integration which results in seamless communication and connectivity between BidFX’s Execution Management System (EMS) and Orchestrade’s Portfolio Management Service (PMS). 

“We are very happy to announce our strategic integration with Orchestrade, one of the leading cross-asset portfolio management platforms in the marketplace today. At BidFX we are continually driven by our clients’ needs and desire to sit at the forefront of eFX trading and workflow. This partnership enables BidFX clients to quickly deploy a true end-to-end FX solution,” said Jean-Philippe Male, BidFX Chief Executive Officer.

“Our mission is to provide the fastest time and value to market in the capital market industry by offering a scalable platform that is pre-configured with major market standard data and services providers such as BidFX,” states Gordon Chan, Orchestrade Vice President Marketing.

Orchestrade is the only institutional-grade cross-asset capital market platform launched after the financial crisis. It is designed to dramatically reduce IT dependency during implementation and operation by delivering a native cross-asset end-to-end solution that is connected to the broader capital market ecosystem out of the box.

BidFX and its parent company TradingScreen (TS) actively engages with firms on strong and effective partnerships to help enhance buy-side’s trading workflow and provide innovative solutions that empower our clients. 
 

About BidFx
BidFX is a TradingScreen (TS) company and the leading provider of electronic trading solutions for the global financial marketplace. BidFX clients have access to cutting edge execution management, encompassing a complete suite of negotiation tools and a hub to all major banks Algo suites. BidFX fulfills the ideal as the one truly multi-asset, broker-neutral EMS in the marketplace today. For more information visit: www.bidfx.com.

About Orchestrade Financial Systems
Founded in 2009, Orchestrade Financial Systems delivers the most modern technology for cross asset, front-to-back trading and risk management. Its award-winning capital markets platform has been implemented by leading financial institutions in North America, Europe and Asia. Orchestrade is headquartered in Silicon Valley with offices in Paris, London and New York.

Press Contacts

BidFX

john.mcgrath@bidfx.com

Orchestrade
saam.hemsley@orchestrade.com

Building APIs as a Graduate Developer

When I graduated from Cambridge I was looking forward to putting my computer science education to good use in the hi-tech world of finance. So when I was given the job of building a plugin for Microsoft Excel as one of my first real-world tasks as a graduate developer, when other developers were working on greenfield cloud technologies, my enthusiasm couldn’t be described as off the charts. It can be hard to get excited about spreadsheets, especially if your most recent experience was to keep track of what scores you needed in each exam to get the grade you want.

 

I wasn’t surprised to discover that traders and quants love dabbling with Excel, but what I didn’t know was that Excel can work with real time market data, giving users freedom to quickly experiment and prototype new ideas. Subsequently, it didn’t take me long to realise that this wouldn’t be a project spent solely with Excel and VBA. Through the project, I’ve used multiple programming languages, built REST APIs, .NET libraries, Windows Installers, worked on our core trading systems and even visited clients.

 

Coming from a Java background, the first challenge was to learn C# in order to build the libraries to connect to the BidFX price feeds and the Real-Time Data (RTD) server that communicates with Excel. It turns out that C# is pretty easy for a Java developer to pick up. There is a lot of commonality between the two languages. Next came building the interface with Excel using VBA, of which I’d had about 4 hours experience with ten years ago. Fortunately, very little BASIC coding is required beyond simple plumbing. Finally, I needed to package everything into an installer that would enable the add-in and register the libraries with Windows. That involved learning to use InnoSetup, integrating it with Excel, and an exhausting amount of QA testing.

 

So I finally got streaming/RFS pricing working in an Excel add-in that could be delivered in a single executable, and produced a C# library that can be used by clients if they wish to build their own .NET applications. It was then time to swap my jeans and T-shirt for a suit and tie and present a demo for a major hedge fund client.

 

Liam Asman  Graduate Developer

Liam Asman

Graduate Developer

The next feature on the board was the ability to register orders via Excel. With clients asking for the ability to trade via REST, we built a new RESTful service for FX along with the team from TradingScreen who built equivalent components for Equities, Futures, and Options. I then implemented the REST API calls with within our C# library and exposed them as Excel functions, enabling the staging of FX limit and market orders through Excel. Staged orders can be auto-routed to the BidFX Strategy server for best execution with the most competitive LP and are automatically displayed in the user’s TradeSmart™ GUI.

 

The team at BidFX were in constant communication with our clients, ensuring that the REST API had the capabilities they required, and using feedback to focus on the next features to implement. The demand for the APIs has been fantastic – with clients around the world installing the plugin.

 

One client had a need to get FX Swap pricing via a request-for-quote (RFQ) workflow. Supporting this functionality through the APIs required upgrades to our core pricing infrastructure, so I got to re-hone my Java skills for a while.

 

Through all this, we’ve created a .NET library that can handle hundreds of price subscriptions in real time, a REST API for order management, and an Excel plugin that leverages both to enable users familiar with Excel to interface with BidFX in an intuitive manner. I also learnt a lot about FX along the way. The work doesn’t end there though. My colleagues and I will continue to extend and improve our APIs to allow clients to get even more hands-on with their data. It turns out that Excel can be interesting after all.

BidFX Ahead of the Curve in Low Touch Trading

At BidFX we like to stay one step ahead and that’s why we have delivered on the automation needs of our buy-side clients. While the bank sector is also beginning to integrate this strategy, it is undeniable that the buy-side community is now actively driving the agenda with tech savvy firms like BidFX to have automation support their trading desks.

 

One of the questions I am asked most frequently is about the various ways to automate FX execution and workflow. This is a hot topic as the buy-side community is looking to automation to assist in removing human error, increase trading speeds, minimize costs and allow traders to focus their attention on more illiquid currencies.

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Hadley Yost 

 

Director, Sales 

 

For these reasons, it is a trend BidFX has seen coming and is actively providing solutions for. Well versed in the needs of this community, we have received tremendous feedback from users on the many ways we streamline the process of increasing automation on their FX trading. Our offerings including Rules Based Trading, a robust Algo Hub, Gamma Trading and additional bespoke solutions, help our clients to achieve their goals when looking to automate FX flow. Our goal for these tools has been to provide our clients with the flexibility to step away from button clicking and an ability to see their strategies from a new vantage point. Clearly our goals and the goals of our clients are aligned because the number of traders actively using our automation tools has more than doubled since 2017. As the year progresses, we are seeing this trend continue and look forward to supporting it through our innovative offerings.

BidFX Feature Article in FXAlgoNews May 2018

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BidFX - offering algo access and class leading toolsets to help clients manage their trading flows

TradingScreen company BidFX is a leading provider of electronic trading solutions for the global financial marketplace. The firm is addressing many of the challenges of the FX market head on with a complete suite of negotiation protocols which include Autorouting, Streaming, RFS, Voice and Algos. John McGrath, Chief Revenue Officer of BidFX talks to FXAlgoNews to tell us more about its platform and electronic trading solutions and how they are meeting increasing demand from clients in a post MiFID II world.

John, what prompted TradingScreen to establish BidFX as a dedicated and focused business line for e-FX?

Offering a truly multi-asset class EMS from a single screen and a single connection whilst leveraging the same SaaS infrastructure, has always been a key selling point for TS, but the establishment of BidFX as a dedicated and focused business line for eFX has enabled it to build out the product more quickly and more efficiently.  This in turn has enabled us to compete more effectively against the longer established and more entrenched FX specific multi-bank platforms. We moved into our own office space in London in March 2017 and now have dedicated development and business personnel in our other offices all around the globe.

The growth of BidFX’s business in terms of both new client acquisition and average daily volume, already demonstrates the decision.  This is obviously great news for BidFX but also for TS as a whole as it strengthens the overall EMS value proposition. More and more of our multi-asset class pitches demand a best-of-breed FX solution which is competitive compared to the historically dominant incumbents.  As a result, we are increasingly winning new mandates and are able to capitalise on cross-selling and up-selling opportunities where a buy side has initially started on the FX only or the Listed only side.

We ensure any new algos can be onboarded as quickly as possible

We ensure any new algos can be onboarded as quickly as possible

FX remains a relationship driven business for most market participants. How has that influenced the way BidFX has been designed?

BidFX has evolved with clients, and their relationship driven business is at the forefront of design. We are aware that for most clients their choice of FX EMS is there to enhance the workflow and provide an evolution of this model which has, for the most part compared to other asset classes, led to a well-functioning and efficient market. It’s this functional and efficient market we look to enhance with BidFX’s capabilities.
Please tell us a little more about BidFX's client driven model and how it helps to create an environment that can facilitate best execution?

BidFX is all about our clients. Our clients are all market participants – liquidity consumers and providers. In the past year best execution has been one of the driving factors behind the adoption of BidFX as many clients choice of EMS or platform.

In what ways do you think the overall EMS value proposition has strengthened recently?

There is no doubt that regulatory changes and increased awareness of FX workflow and its place within a multi - asset firm strategy has led to a lot of clients either reviewing current FX and EMS propositions or embarking on an RFP in order to move from traditional older style FX only platforms to multi- asset EMS or dedicated FX EMS. BidFX’s recent growth has been exponential in terms of volumes and clients and is driven by innovative solutions delivered to an increasingly complex eFX market. No two clients are the same anymore and the BidFX technology framework and infrastructure must have the flexibility to deliver enhancements that help clients innovate as well as being technically robust enough to disseminate billions of price ticks per day. 

BidFX offers a truly multi-asset class EMS. In what ways can you assist clients to access a wider range of industry leading FX algorithms than many of your competitors?

The evolution within the eFX market in conjunction with the increased regulatory framework has led to many of our clients looking for more sophisticated execution mechanisms. As part of this we have been working with our Liquidity Providers to provide an Algo Hub service to clients which encapsulates a complete range of LPs and strategies with no development and infrastructure costs. As well as a Best of Breed Algo Hub we work closely with our Algo providers to ensure any new Algos can be onboarded as quickly as possible in line with client demand. 

What in-depth analysis of trading performance can you provide and what are buyside firms especially looking for in terms of analytics to inform the FX execution process and post trade TCA?

Clients can use our pre-canned TCA or unique tick by tick database in order to build an extremely powerful decision-making product, pre-intra-post trade, which can be combined with cutting edge execution capabilities to offer a powerful analytical and trade execution solution. We have seen a lot of investment into this area at BidFX and will continue to invest and innovate to meet client demand.

Clients are looking for more sophisticated execution mechanisms

Clients are looking for more sophisticated execution mechanisms

Broker randomisation tools, better known as algo wheels have now arrived to give traders the ability to assess, monitor and justify algo and broker choices to regulators. Do you expect to see more use made of algo wheels and other multi-broker allocation processes in FX?

A lot of our clients are tier 1 multi - asset institutional accounts who are either already familiar with the algo wheel concept or are market leading in their approach to regulatory and market oversight requirements. Many of them have already implemented stricter governance and testing around the policies of algo selection and it’s important the client selects the right algo provider and algorithm based on a number of factors. To do this you need a tech provider who can react to developments such as these and deliver solutions back to the client for them to implement. Our multi- asset EMS approach allows us an advantage to roll this feature out across several asset classes.

What impact are regulatory developments and MiFID II in particular likely to have on shaping future demand for solutions from BidFX including increased algorithmic trading access?

MiFID II was a catalyst for many firms in Europe through 2017 to take a fresh look at their FX workflow and how they react to the upcoming regulatory landscape with their current FX provider. We saw a substantial increase in large buyside approaching BidFX to discuss transparency and best execution, and many saw MiFID II as a catalyst for implementing a more future proof eFX policy in order to protect themselves over more traditional platforms concentrating on revenue protection. One of the added benefits of BidFX is that it has been developed, and continues to develop, with the best market leading technology possible for the current environment. Clients can use our TCA product or/and our tick by tick database in order to build an extremely powerful decision-making product which can be combined with cutting edge execution capabilities of which our Algo hub is part of the solution.

@womenoffintech turns blue this week

this week we celebrate the men in the industry who support equality

  • First published on February 12, 2018 by Gemma Young
  • Follow the campaign on Instagram and Twitter @womenoffintech

  Our first feature is John McGrath, Chief Revenue Officer at BidFX.

@womenoffintech: What does equality mean to you?
John: To me means equality is a simple concept and should be a natural state of play in society, both as a whole or within a workplace. It should give all people the same rights and opportunities as well as the same standing throughout all facets of life regardless of age, gender, race and/or religion.
@womenoffintech: Do you think equality is something that needs to be proactively enforced or something that will naturally happen over time?
 John: I think this is a very good question and my view is that as long as each and every person employs the correct attitudes and treats everyone on an equal footing it should naturally balance out over time. Unfortunately this has not happened as quickly as it should have in society so I do believe that governments and employers should take positive action where gross imbalances exist.
@womenoffintech: What do you think has held companies back from having a more diverse workforce, in terms of gender, before now?
  John: Any employer who creates an unequal playing field in the workforce is really missing a competitive trick. By creating or re-enforcing institutionalised inequality in the workforce they negatively impact their company’s performance by restricting their creative reach to a reduced subset of the workforce. At BidFX we strive hard to bring in people with the best ideas and potential – when these people achieve their potential we all benefit, both our employees and our clients.  

 

@womenoffintech: Have you seen much change in the gender landscape of Finance / FinTech over the years?
 John: Unfortunately the landscape has not changed as much as it should have in the past 20 years. It is still a pre-dominantly male based workforce within Financial services and Fintech but I do believe that change is beginning to pick up pace. Within BidFX we hire the smartest people for the role. Over the past year I believe 80% of our BidFX new hires across development, project management, and sales were female. This was because they were the best candidates and brought the best ideas and experience to the table.
@womenoffintech: What are your reasons for supporting equality?
 John: There are 2 reasons we are highly supportive of equality in the workspace.
1) In purely economic terms it gives us a competitive advantage
2) It is important for Fintech firms such as ours to lead by example in this industry.
Our increase in market share through 2017 and the start of 2018 shows that even in pure economic terms having a diverse workplace generates a more vibrant pool of idea generation. Innovation is key in our industry and equality benefits this approach.
 @womenoffintech: There is a lot of talk about equality, but what do we need to actually DO in order to put words into action?
 John: The recent press in the City shows the scale of the challenge in some sectors. I think that every individual must ensure that opportunities in the workforce are open and equal to all. If we all act individually it should affect society as whole over time.
@womenoffintech: Have you made any changes at your workplace to promote equality? If so, to what success?
  John: BidFX has been the most diverse and equal workplace I have worked at. Upon joining it was a breath of fresh air to see the diversity of the workforce and the ideas being generated. I immediately saw the benefits of being at a new Fintech firm with a vibrant culture and workforce and we will continue this model as it ultimately benefits our clients (through product development) and our employees (through sales and increased market share). 
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BidFX Chief Revenue Officer John McGrath discusses Equality with Gemma Young.

Cooperative Cohabitation: BidFX and TS, Europe

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It’s now 18 months since BidFX established itself as a dedicated business line under the TS umbrella culminating in a move to its own office space in London in March 2017 and dedicated development and business personnel in our other offices all around the globe.

The growth of BidFX’s business in terms both of new client acquisition and average daily volume, already demonstrates that it’s paying off.  This is obviously great news for BidFX but also for TS as a whole as it strengthens the overall EMS value proposition.

Offering a truly multi-asset class EMS from a single screen and a single connection whilst leveraging the same SaaS  infrastructure, has always been a key selling point for TS, but the establishment of BidFX as a dedicated and focused business line for eFX has enabled it to build out the product more quickly and more efficiently.  This in turn has enabled us to compete more effectively against the longer established and more entrenched FX specific multi-bank platforms.

TS clearly is reaping the benefit of this acceleration in the growth of BidFX’s business as more and more of our multi-asset class pitches demand a best-of-breed FX solution which is functionally competitive compared to the historically dominant incumbents.  As a result, we are increasingly winning new mandates together and equally are able to capitalise on cross-selling and up-selling opportunities where a buy side has initially started on the FX only or on the Listed only side. 

As an example of this inherent synergy here in Europe, we have recently certified with a fast emerging hedge fund PMS on the back of winning an initially FX only client which further down the line plans to branch out on TS to Futures. This also paves the way to marketing our multi-asset class solutions to other hedge fund clients using this PMS.   Another very pertinent example of the benefits of this BidFX-TS sales cooperation and co-marketing approach has been the acquisition of a global, multi-site, multi-strat hedge fund.   Having initially selected a rival EMS over the summer of 2017, with which they targeted a very aggressive implementation timeframe which didn’t materialise, they came back to us on the strength of our SaaS powered rapid deployment capability and are already in onboarding mode.

To conclude on another positive note, our credibility as an FX player in its own right was a major driver for the already well-documented and strategically important OMS alliance, we signed in September 2017.  Once again, there is a very powerful complementarity between a BidFX only opportunity leading to a broader, Listed opportunity as the buy side looks simultaneously to meet its best execution obligations and to normalise its execution access across the asset classes. 

Jean-Philippe Male

CEO

 

BidFX Liquidity Offering Keeps Growing, Adds XTX Markets

BidFX welcomes XTX Markets; newest liquidity provider on the FX platform

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BidFX, an industry leading EMS designed for the 5 trillion daily FX market, is pleased to announce that XTX Markets, the world’s second largest electronic trader in spot FX, has joined BidFX as their newest liquidity provider.

BidFX CRO, John McGrath, commented, “We are thrilled to have market leading liquidity provider XTX Markets go live on the BidFX platform.  The BidFX client driven model seeks to develop and foster an unfettered environment for best execution, the addition of XTX Markets to our liquidity provider pool solidly reinforces this model.“

XTX Markets is now the world’s second largest electronic trader in spot FX. Whilst a top 3 player in majors, they also specialise in less liquid currencies such as ZAR, TRY, RUB, MXN, SEK, NOK, SGD and precious metals. XTX focuses on supplying liquidity to funds and asset managers and earlier this year launched Zero Hold Time liquidity, becoming one of the first LPs to publicly commit to not using a last look window for its disclosed business. XTX’s approach ties in nicely with BidFX’s multi-asset class approach and is characterised by incorporating cross-asset information from its equity, commodity and futures businesses which gives it uncorrelated FX skews.

About BidFX

BidFX is a TS company - the market leading provider of electronic trading solutions for the global financial marketplace. For more information visit: www.bidfx.com

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