An eye on API: bilateral FX takes hold with some asset managers
Long-term savings in trading costs are tempting buy-siders to explore direct connectivity with liquidity providers
Foreign exchange trading venues have a persuasive pitch: visible pricing, liquidity, convenience. But hefty platform fees are a perennial gripe for users.
In response, dealers are offering direct pricing streams via application programming interface (API) – and more buy-side clients are starting to connect.
JP Morgan Asset Management, for example, runs its own FX hub where each of its dealers has a bilateral connection for direct pricing, enabling the firm to trade on what it calls “clean” prices
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