Global broker J.P. Morgan has added two new functions, AlgoX and FX Options, to its MorganDirect proprietary foreign exchange (FX) and rates trading platform.
AlgoX is a suite of order execution strategies coupled to a smart order router that aggregates multiple liquidity sources. According to J.P. Morgan, AlgoX allows clients to execute larger orders than the standard MorganDirect order functionality because it can algorithmically slice them into smaller orders and execute them in a variety of ways. Orders can either be internalised with the broker’s existing liquidity and interests, traded against its support pricing or
routed out to external liquidity sources. Post-trade execution analysis is available for every order.
FX Options is an electronic pricing, analytics and execution tool for foreign exchange options, and provides clients with options market transparency and execution capabilities similar to those available with cash FX products. Users will be able to see the real-time volatility of major currency pairs in a customisable table or a 3-dimensional graphical display. Clients can also specify custom strikes, tenors and exchange deltas on an execution. A variety of risk analytics also available with FX Options, and the tool supports vanilla options, straddles, strangles, and risk reversals.
“We continue to extend functionality on MorganDirect to provide clients with the best-in-class e-commerce offering,” said Eddie Wen, global head of e-commerce for FX and rates at J.P. Morgan, in a statement.