FXall today announced that it has gone live with Accelor, a foreign exchange ECN for professional market participants. It aims to combine the anonymity of ECN trading with an advanced technical architecture and comprehensive market data.
FXAll says the first participants are already using Accelor, and they include banks, hedge funds and asset managers.
The system aims to support a variety of trading styles and execution methods. Accelor has a matching engine designed to minimise latency, with orders being acknowledged within 3 milliseconds and filled within 20 milliseconds. Orders are processed according to transparent business rules, ensuring equal access for all participants, says FXAll.
“As a leading independent provider of FXsolutions, FXall is committed to developing services that benefit the entire FXtrading community,” says Phil Weisberg, CEO of FXall. “We believe that Accelor marks a real step forward in FXtrading. For the first time, all market participants have access to an efficient, liquid ECN which can be used alongside FXall’s relationship-based trading services, delivering clients the flexibility to switch between relationship and anonymous dealing according to trading requirements.”
The trading platform is supported by comprehensive market data, including full depth of book, completed trade information and historical data. Accelor is also complemented by FXall’s trading and post-trade services – forwards, swaps, NDFs and trade splits and rolls.
Martin Spurr, Head of eMarkets and Client Solutions at RBS, says the bank is involved in Accelor both as a direct participant and a prime broker. “Technology and the structure of a market, including the availability of data,will be critical factors in the success of initiatives such as Accelor in this highly competitive landscape,” he says. “RBS has been a strong supporter of FXall sinceits inception and has always been impressed with the quality of its people, technology and support. We therefore fully expect Accelor to become a significant source of liquidity for RBS, our clients and the market.”
Hamish McLoughlin, Global Head of Foreign Exchange, Rabobank, says Accelor addresses “a real demand in the market for an ECN that delivers extremely low latency combined with deep liquidity and comprehensive market data. FXall has already demonstrated its ability to transform the way FX is traded through the success of its relationship trading services. We expect Accelor to have a similar impact onthe ECN space”.
Kenneth Steengaard, Head of E-markets, Nordea, says the bank will use Accelor to improve execution for hedge funds in particular, especially in the Nordic markets.
“MAREX clients already benefit from the market-leading trading and post-trade tools available over FXall’s relationship-trading services, QuickTrade and QuickFill,” says Farooq Muzammal, Head of Foreign Exchange, Marex Financial. “We are very excited to extend the range of services we offer them with the addition of Accelor”.
Lars Holst, Head of Sales,Dresdner, says the new ECN is likely to “set a new standard in FX trading,”
while Gavin Hill, European Head of FX Prime Brokerage at ABN-AMRO, says the Dutch bank is “looking forward to providing credit intermediation services over Accelor.”