SGX’s BidFX announces full roll-out of XTX Markets Execution Algo

Rick Steves

XTX Execution Algo went live on BidFX during 2020 in an initially targeted client roll-out.

BidFX has fully integrated XTX Markets’ implementation shortfall execution algorithm on the BidFX Algo Hub.

XTX Markets Execution Algo can now be accessed by BidFX clients as algorithmic trading in FX continues to increase.

John McGrath, Chief Revenue Officer at BidFX, commented: “XTX Markets is one of the largest market makers in the world and their expertise in market microstructure and the reduction of signaling and information leakage aligns with our client’s sophisticated requirements in regulatory, functional, and execution strategies.

XTX Execution Algo went live on BidFX during 2020 in an initially targeted client roll-out and has the ability to reduce slippage to arrival price. We are happy to see increasing usage of this algo across our global client base in 2021 as well as making it available for clients to add to their Algo Wheel.”

Matt Clarke, Head of Distribution and Liquidity Management for EMEA at XTX Markets, commented: ‘We are pleased to expand our relationship with BidFX through their hosting of our execution algo and are delighted at the strong uptake from clients already.

“We look forward to continuing to give BidFX’s clients access to our low impact, market leading liquidity and further strengthening their algo platform as a result.”

XTX Markets provides liquidity to counterparties, exchanges, and e-trading venues in the Equity, FX, Fixed Income, and Commodity markets.

With over 150 employees based in London, Paris, New York, Mumbai, and Singapore, XTX is one of the largest providers of FX liquidity and eSpot FX liquidity as well as the largest European equities (systematic internalizer) liquidity provider in 2020.

BidFX has recently launched its Data and Analytics solution which will be added to the firm’s suite of offerings, including an EMS platform, risk and compliance modules, and transaction cost analysis (TCA).

The data and analytics service allows banks, hedge funds, and asset managers to better manage the collection and cloud storage of client-specific liquidity streams, as well as monitor composite rates across multiple FX products.

BidFX’s tools give institutional players a comprehensive view of the pricing, market impact, and liquidity for every transaction.

SGX acquired BidFX from TradingScreen 2020, having paid $25 million for a 20% stake in 2019. The remaining 80% stake was priced at $128 million. The deal allowed SGX to expand its reach beyond FX futures into the global FX over the counter (OTC) market.

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