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.

Read this next

Industry News

Roman Banoczay pays a CFTC penalty to settle market-manipulation case

The Commodity Futures Trading Commission (CFTC) today settled spoofing charges against a Slovakian trader and his company.

Digital Assets

Huobi sets exact dates to terminate all activities in Mainland China

Huobi, the world’s sixth-largest crypto exchange by trading volume, said it will terminate all its services for mainland investors by the end of the year.

Retail FX

Axi’s UK business double revenue to £10.8 million

Axi’s FCA-regulated entity reported has reported its financials for the fiscal year ending June 30, 2021. The report showed impressive metrics after seeing revenues and customer activity double even as the pandemic trading boom fizzled out.

Retail FX

Capital.com taps KRM22 for market surveillance

“As a fast-growing investment and trading platform, ensuring the integrity of our business and the security of our clients are of utmost importance”.

Digital Assets

Binance acquires stake in HGX as it seeks to clear regulatory hurdles

Binance, the embattled crypto exchange which continues to do good business around the world, has announced that it has acquired 18% in the Singapore-based private securities exchange, Hg Exchange (HGX).

Digital Assets

Ripple inspires Australia’s upcoming crypto regulation

The final report was submitted to legislators on October 20 and highlighted Ripple’s proposals, from a principles-based regulation and a digital asset taxonomy consistent with the best practices found in the UK and Singapore.

Digital Assets

CoinDesk Indices hires new Head of Index Research and Head of Marketing

CoinDesk Indices, a part of CoinDesk that is involved in the pricing of bitcoin, ether, and other cryptos and which has established a standard in pricing, has named Kelly Ye as the Head of Index Research and Kim Greenberg as the Head of Marketing.

Institutional FX

Marex obtains ASIC license for OTC derivatives products in Australia

Marex Australia will then expand its product set to include futures execution, clearing services and broader OTC offerings.

Digital Assets

Visa launches Crypto Advisory Practice as awareness goes universal

The payments firm states that a crypto offering can help financial institutions eager to attract or retain customers and its global network of consultants and product experts have deep expertise to help them move forward.

<