Best e-FX trading venue of the year: Refinitiv FXall

The $5 trillion that changes hands daily in the foreign exchange market does so at a rapid pace. Therefore, buying into the technology and plumbing that allow this much money to move around the globe is one of the most important decisions a trader can make.

For nearly two decades, FXall, the Refinitiv-owned multi-dealer platform, has been driving innovation in the electronic trading of FX and finding unique ways to solve customers’ pain points. More than 2,300 institutions globally depend on FXall’s order-management features, range of execution methods and post-trade workflow for their currency trading needs.

FXall was voted the Best e-FX trading venue of the year at the 2019 FX Week e-FX awards.

“The breadth and depth of FXall’s offering is unmatched in the industry,” says Jill Sigelbaum, head of FXall. “[A] key differentiator is our proven ability to deliver custom integrations and complex workflow solutions for the largest and most sophisticated buy-side investors.”

As FX continues to undergo further electronification, Sigelbaum says certain regional markets and client segments that still tend to conduct a significant amount of voice trading have been shifting more flow to the platform. The hope is to benefit from faster execution and electronic audit trails, and to use its multi-dealer trading capabilities to demonstrate best execution.

Leveraging FXall’s market-leading connectivity to banks’ proprietary algos, our clients are gradually folding algos into their daily menu of execution tools

Jill Sigelbaum, FXall

“We also continue to witness the growing adoption of execution algorithms by our buy-side clients – not just asset managers and hedge funds, but also large corporate clients, attracted by algos’ ability to limit market impact and minimise spreads paid by executing orders passively over time,” she says.

“Leveraging FXall’s market-leading connectivity to banks’ proprietary algos, our clients are gradually folding algos into their daily menu of execution tools, alongside their more traditional request-for-quote-based workflow,” adds Sigelbaum.

Algo enhancements

In an effort to help the buy side’s increasing level of trading sophistication, FXall has made several enhancements to its algo trading workflow, giving traders greater flexibility during order staging and more control during such executions.

FXall users can now slice algo tickets into several child orders to minimise market impact and information leakage. Additionally, they can pause the execution of an algo order to monitor market conditions and take potential corrective action before resuming trading.

Such innovations and the firm’s recently launched trade-performance analytics – a new capability that help clients understand the transaction costs they incur during trading – not only improve trading via the platform, but also make the conversation around those transactions more meaningful with liquidity providers.

FXall is planning further enhancements to its order-staging workflow. These will offer greater flexibility for the netting down of orders prior to execution, helping clients to minimise execution costs, Sigelbaum says.

“We will offer access to all of our trading venues – FXall, Price Stream, Matching – while retaining consistent pre-trade and post-trade workflow,” she explains.