FXall Adds FX Options

Phil Weisberg, FXall

Bank of America Merrill Lynch and Credit Suisse were involved with the development process.

FX Alliance (FXall), a provider of electronic foreign exchange trading solutions, has announced that clients are now able to execute FX options on the FXall trading platform. Clients can now submit FX option request-for-quotes (RFQs) to multiple banks and deal electronically on the same platform they use for trading in spot, forwards, swaps, non-deliverable forwards (NDFs), precious metals and money markets.

Participants completed live option trades in FXall's production environment on Friday, June 29, as part of its options roll-out program. FXall offers an options workflow solution including pre-trade indicative calculations, execution of multiple strategies with or without delta exchange, and post-trade functionality for settlement, premium netting and payments. At initial launch, Bank of America Merrill Lynch and Credit Suisse will be providing streaming electronic options prices to clients. Eight providers will support the post-trade settlement functionality and additional banks are expected to become liquidity providers in the future.

"For BofA Merrill Lynch, partnering with FXall ensures we continue to meet the e-FX Option needs of existing clients, as well as any new corporate clients who want to take advantage of our capabilities; a key priority for BofA Merrill Lynch as we look to serve this important client set," says Chris Bae, global co-head of FX trading at Bank of America Merrill Lynch.

FXall's option product supports the trading of European option strategies including puts, calls, straddles, strangles, spreads, collars, butterflies and strips. Users can also create custom multi-leg strategies to facilitate cash flow planning. The platform's option calculator facilitates price discovery by solving for strikes, premiums and notional amounts prior to execution.

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