Banks prepare to unleash FX swap bots

BNP Paribas, JP Morgan build execution algos to plug into platforms—but swaps liquidity needs to catch up first

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At least two dealers are poised to offer execution algorithms for foreign exchange swaps once liquidity on electronic interdealer venues reaches a critical mass.

BNP Paribas and JP Morgan have built execution algos for use by clients, but with electronic interdealer swap venues still in their infancy, the technology currently only accesses the banks’ internal liquidity.

FX swap volumes on platforms have grown but bilateral voice trading remains the preferred execution method.

Asif Razaq

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