Lloyds has partnered with BNP Paribas to offer its clients access to the bank’s foreign exchange execution algorithms.
Asif Razaq
The partnership is set to offer FX algo capabilities to Lloyds’ corporate and financial institution clients to allow for more efficient FX trade execution, supported by BNP Paribas’ solutions.
The firms said that this will be done while retaining transparency and control through “robust” TCA.
Asif Razaq, global head of FX automated client execution at BNP Paribas, said that the firm is “actively expanding [its] footprint using exclusive offerings in target markets as we continue to develop and refine our platform”.
The use of execution algorithms in FX are on the up across the buy-side, allowing firms to hedge large exposures and provide detailed analytics to support trading decisions.
Through the move, Lloyds’ clients are set to gain access to the full algo technology stack from BNP Paribas, including flexible execution strategies which can be adapted to strategies based on risk appetite.
Features include limit pricing, start/stop times, and the ability for clients to amend, pause, resume, or cancel orders mid-execution.
Rob Hale, head of financial markets at Lloyds, said: “This partnership marks a significant milestone in our commitment to continually invest in enhancing our clients’ experience. As FX market and risk dynamics shift, integrating algorithmic execution technology into our Lloyds platform ensures we continue to offer market leading FX solutions to meet the needs of our clients.”