Passive algos and patient traders

Are all passive fills worth having? XTX’s Matt Clarke says not


It’s widely understood by investors that the more patient you’re prepared to be, the cheaper on average you can trade. But in return you must run some market risk – the risk that the market might drift further if you take an hour to patiently work an order than if you push the same order through in ten minutes.

Execution specialists who aim to reduce costs across a large portfolio of algo orders – accepting market risk on individual orders – will often opt to trade patiently. And this is

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Outlook for e-FX: opportunities and risks for banks

As electronification spreads into new areas of FX trading, banks are under pressure to digitise more of their offerings to remain competitive. The race is now on to automate pricing, trading and hedging in areas such as non-deliverable forwards, swaps…

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