SGX FX launches AI tool to speed up FX trading decisions

Rick Steves

“Gone are the days of spending copious amounts of time sifting through reports, FX traders can now gather tangible insights such as changes in average hold times of the top 10 liquidity providers in a matter of seconds.”

SGX FX has released the latest version of its artificial intelligence (AI) tool powered by MaxxTrader, an eFX and digital assets trading solutions provider for global sell-side institutions.

The AI tool, available since the start of Q1 this year, enables banks and broker-dealers to more effectively manage risk and achieve trading performance through faster and more informed foreign exchange (FX) trading decisions.

“The tool liberates traders to seek answers to key questions”

The tool curates FX and digital assets prices, as well as trade data, before automatically generating tailored, actionable insights to a stakeholder – enabling quicker, easier decision-making to ensure competitive advantage.

It analyzes multitudes of FX data like trades, price streams, user activities, execution quality, market impact, profitability, and extracts valuable actionable insights that are presented in easily digestible stories and charts.

Vinay Trivedi, Chief Operating Officer at MaxxTrader, said: “Gone are the days of spending copious amounts of time sifting through reports, FX traders can now gather tangible insights such as changes in average hold times of the top 10 liquidity providers in a matter of seconds.

“With its enhanced capabilities in analyzing client data insights alongside a bank’s internal data, the tool creates stronger client engagement and redefines efficiency standards across FX. Whether identifying that a client is trading less, or detecting rejected quotes on specific pairs, the tool liberates traders to seek answers to key questions. For instance, a desk head can find out instantly if a key client is trading 50% less on GBP/USD – making them more inclined to contact the client quickly to find out why.”

SGX acquired MaxxTrader for $175 million

SGX FX offers a gateway to the global FX ecosystem, anchored by the world’s most liquid Asian FX futures exchange together with cutting‐edge FX technology and workflow solutions from BidFX and MaxxTrader. SGX CurrencyNode, an FX electronic communication network, connects global participants anonymously to unique and deep OTC FX liquidity pools.

The AI tool is powered by MaxxTrader, which was acquired by SGX in 2021 for a cash consideration of around $125 million. MaxxTrader is a direct-to-market FX trading platform that SGX is leveraging to build a complete FX ecosystem that has global access to OTC and a large derivatives marketplace.

SGX acquired BidFX in 2020 and while that company focuses on the buy-side liquidity, it would complement the sell-side liquidity that MaxxTrader provides for its institutional clients.

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