Northern Trust Aims to Increase Execution Transparency with New FX Algo Suite

Suite of algorithms, combined with Northern Trust liquidity panel and fee structure, to provide holistic view of FX trading process.

The FX market has daily trading volumes of over $5 trillion but post-trade data issues still remain.

Northern Trust has announced the launch of a new algorithmic trading suite for the foreign exchange (FX) market, aimed at enhancing client execution transparency.

The FX Algo Suite will operate in tandem with Northern Trust’s liquidity panel, which provides aggregated pricing from a list of global liquidity providers. Customizable execution algorithms allow clients to minimize market impact on large orders and utilize a systematic, rules-based process to offset FX risk.

The overall objective of the FX Algo Suite is to provide users with greater transparency and insight into how FX orders are handled, incorporating transaction reporting, post-trade analysis and an explicit fee structure.

“Clients want to be able to minimize uncertainty in their foreign exchange transactions, and Northern Trust is committed to helping them do that,” said Pete Cherecwich, president of corporate and institutional services at Northern Trust. “By giving them the tools to manage their exposure, we have made foreign exchange dealing more efficient and transparent for our clients.”

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