e-Forex-May-23

REGIONAL E-FX PERSPECTIVE
Nordic countries are some of the most cashless countries and payments for private individuals are extremely efficient and simple
Citing an example of an
agile,interoperable solution, Santalo
says, “BidFX collects and stores tick
data that each LP streams to its
clients, and makes that data available
to the client, through intuitive
query functions and visualisations.
This creates a crucial feedback loop
that enables pre-trade and in-trade
decision making. The client can
also anonymise this data where
they like to help conversations and
relationships between the buyside
and sellside and ultimately improve
execution.”
“After a period of low volatility,
highest interest rates,” Stead says,
“financial, and geopolitical shocks
have all contributed to a renewed
interest and requirement to consider
the FX element in any trading or
hedging decisions. Our clients in
the Nordics are responding to this
by offering clients more advanced
products and services over e-channels
which previously only existed by
phone.”
“For example, the ability to self-service
adjust cash flows post-trade, trading
of new products such as options,
and the ability to offer increased
transparency thanks to detailed best
execution reports.”
“The Nordic e-FX market,” he
concludes, “like many advanced FX
markets, is poised for growth and
expansion.”
FINTECH DEVELOPMENTS
Developments in fintech have been
transforming workflows in Europe,
and the Nordics are no different. A
high degree of user sophistication has
made the Nordics fertile ground for
adoption and innovation. SEB’s Trujillo
explains the state of affairs succinctly.
“I think people’s expectations (of
technological agility) are really high,”
she says. “Nordic countries are some
of the most cashless countries and
payments for private individuals are
extremely efficient and simple. We take
this for granted until we travel even to
some close neighbours in continental
Europe and are reminded of how
spoiled we are.”
Trujillo says that much of the fintech
innovation taking place is driven by
user expectations that every app must
work flawlessly. “Even though there
are great offerings, I think there are
many opportunities to help clients
achieve this expectation,” she says.
“Mostly in connecting their different
areas or systems more closely to avoid
gaps and silos.”
BidFx’s Santalo highlights an example
of a preference for mobile apps as
proof of high user sophistication.
“In the e-FX market, there is high
demand towards mobile apps like
BidFX Trader,” he says. “It was
developed to meet the growing
demand from market participants to
trade via mobile over five years ago
and since Covid, it has become even
more popular as it allows our clients
to securely manage and trade their
FX spot, forward, swaps, and NDF
MAY 2023 e-FOREX 29