Boston-based investment bank State Street has made its suite of algorithms available to traders on the BidFX platform to provide more flexibility in execution during heightened market volatility.
The four algorithmic strategies by State Street will be available directly on the institutional foreign exchange trading platform provider’s network and will give users more flexibility in execution by tailoring approaches to client requirements and trading preferences.
BidFX, which was previously a subsidiary of trading systems provider TradingScreen, has more than 100 banks, hedge funds, and asset managers connected to its platform.
“Heightened market volatility caused an unprecedented increase in FX algo volumes back in March, proving that algos are a valuable tool for clients to reduce the cost and increase the efficiency of their execution,” said Mary Leung, global head of client algos at State Street.
“With State Street’s unique franchise liquidity, our versatile suite of algorithms is designed to adapt to our clients’ execution style and philosophy, bringing unparalleled value to their performance.”
BidFX, which is due to be acquired fully by the Singapore Exchange for $128 million following an announcement in June, has been making efforts throughout this year to address market issues raised by the pandemic.
Most recently, the FX trading platform provider launched a trading desktop application that will support the layout of multiple screens for traders via the operating system OpenFin to support remote working conditions.
“BidFX has had a long-standing relationship with State Street. Given the premium put on liquidity due to the current circumstances in global markets, our clients have been utilising more algorithmic strategies to execute efficiently,” said Scott Gold, head of Americas sales at BidFX. “With that in mind, having the addition of State Street’s algos will deliver further value to the BidFX client base.”