e-Forex-May-23

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Vivek Shankar MARKET COMMENTARY Improving Execution Outcomes: How bright ideas and cutting edge technology are powering the evolution of P2P FX FX market participants have long contended with information leakage impacting trade outcomes. Peer-to-peer (P2P) trading, originally an antidote to this problem, has evolved significantly to offer additional benefits to market stakeholders. Vivek Shankar investigates. P2P service providers list benefits such as minimizing costs, tracking error reduction, and boosting strategic trading as benefits of the model. However, some deficiencies remain. Detractors point to P2P’s inability to replicate bank risk warehousing abilities when markets experience strong directional moves. For example, LoopFX has recently launched a dark pool that follows a peer-to-peer-to-bank model in response to these events, believing the traditional P2P model needs an overhaul. So, how are P2P service providers addressing these needs, and what form could P2P shortly take? GAINS FOR THE BUY-SIDE “The most important advantage that the buy-side gains is the opportunity to minimize market impact by matching against opposite buy-side interest,” says James Singleton, Chairman and CEO at Cürex. “Saving spread by matching at a midpoint is a nice additional feature but not the real value driver,” he adds. P2P’s ability to match buy-side interests 14 MAY 20<strong>23</strong> e-FOREX
MARKET COMMENTARY Image by Shutterstock MAY 20<strong>23</strong> e-FOREX 15
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