New buy-side tools seek to break grip of bank FX algos
Proprietary algorithms come of age to provide alternatives for the buy side
Tools being developed by technology vendors and some buy-side firms could disrupt the hold that banks have as the predominant algorithmic execution providers for trading spot foreign exchange.
Demand for FX algos and electronic trading solutions has led to banks dominating the $9 trillion-per-day FX market over the years. Their grip on the market was further strengthened during the Covid-19
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