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This white paper proposes the blueprint for FX TCA methodology that enables market participants to calculate and compare trading costs across both firm and last look liquidity. Based on a survey of global FX market participants, this white paper explores the preferences, needs and attitudes clients and the broader FX market have in relation to tiered credit intermediation.
Now in its 10th year, the RiskTech is globally acknowledged as the most comprehensive study of the world's most significant risk and compliance technology companies. Asset managers continue to face a rapidly changing operating environment. This report updates our earlier research on the current trends in buy-side risk management technology.
If you already have an account please use the link below to sign in. If you have any problems with your access or would like to request an individual access account please contact our customer service team. You are currently accessing FX Week via your Enterprise account. Innovation in foreign exchange usually comes from the handful of global heavyweights that have ruled the landscape from the early days of electronic trading, but regional powerhouses are finding corners of the market where their unique geographical presence can give them a strong advantage, with the help of technology.
In recent years, Singapore-based DBS Bank has been at the forefront of digital innovation at its customer banking operations, and it has rolled out its FX auto-pricing and dealing platform for small- to medium-sized enterprises SMEs — a segment that received little attention from the global giants. It was envisaged as the flagship e-commerce venue for distributing DBS Treasury's FX products, not only to internal users but corporations and financial institutions as well. The venue supports more than 40 currency pairs in spot, forwards, swaps and Asian non-deliverable forwards NDFs , and it is available either directly or through multi-dealer platforms.
Customers can use DOL as a standalone platform or as part of the bank's corporate internet-banking platform, Ideal, both of which are designed to support the needs of the bank's six key Asian markets: As a result, a regional treasurer with operations in these countries can access their account information in a single view and initiate transactions of various currencies across the region easily.
This functionality has been available from some large global players, but their commitment to non-core regions, including Asia, has weakened as a result of regulatory obligations and costs. Clients who would have called large global players have suddenly started coming to us, wanting to deal with us," says Soh. Foreign exchange is very much a core product for DBS Bank, especially as the evolution of electronic trading in Asian currencies nears a critical point.
Electronification of Asian units has been held back by the lack of a central price-discovery platform for NDFs.
I expect a huge burst of development in the electronic trading of these currencies," notes Soh. We have a number of platforms offering emerging Asian currencies electronically already and the moment we have this basis for price discovery, as we are starting to have now, the trend will accelerate, and banks like us will use the growing liquidity on these platforms as aggregate and transparent sources of liquidity used for pricing customers," he adds.
Of course, liquidity might not be as deep and well established as in international currencies, and spreads may be wider and trade sizes smaller than in the euro or sterling, but the ability to stream prices in Asian currencies will become a reality as soon as next year. DBS stands ready, with Soh stating that in the bank's six key Asian markets, it consistently aspires to be among the top three FX houses in each country, as foreign exchange is one of three core services that customers ultimately want from banks.
Customers want to place deposits with you, they want to take a loan or they want to do FX, especially as online shopping is now so widespread and most transactions there have an FX element. So I think FX will be with us forever. It can be transformed and be seen in different ways, but at the core, it's essentially exchanging one currency into another," says Soh.
Voice will be gone, because the only way to do these things is on electronic mediums," he adds. You need to sign in to use this feature. FX Invest Europe FX Week is proud to present the 10th annual FX Invest Europe conference, bringing together leading buy-side practitioners in the fast developing foreign exchange and currency markets.
TCA and fair execution. The metrics that the FX industry must use. Prime-of-prime solutions — Sustainable solutions and evaluating means of access to credit in foreign exchange markets Based on a survey of global FX market participants, this white paper explores the preferences, needs and attitudes clients and the broader FX market have in relation to tiered credit intermediation.
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