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FX Liquidity Management: Addressing the challenges of a seriously complex undertaking It is no longer sufficient just to be eyeballing spreads on a GUI or relying on a quarterly market share report TRADING OPERATIONS conversations between liquidity takers and liquidity providers keeps these relationships fresh, builds this trust and gives an opportunity to align concerns.” Companies also understand the importance of liquidity management to optimise their execution quality and costs, says Durrant. The new generations of liquidity management tools bring the data and analysis that were not readily available to the masses directly to the end customer. Aided by the elastic nature of cloud computing, these platforms are doing this in the face of increasingly market fragmentation and a massive growth in data availability, he says. “We have already started to see a number specialist companies offering liquidity management as a service which makes accessing liquidity management insights and information much easier. These companies have access to a much broader range of data so a firm’s performance can be benchmarked against the market. This is not without its challenges, however, and the predominately bilateral nature of the FX markets make capturing and sharing of a firm’s bespoke pricing data an issue,” he says. “Of course, it is impossible to talk about data and analytics without mentioning the potential of AI to supplement and accelerate the tools of the future. Given the rapid expansion and innovation in the AI space this is bound to play an important role in the next generation FX Liquidity Management tools.” TECHNOLOGY ADVANCEMENTS According to Guy Hopkins, chief executive and founder of FairXchange, liquidity management is becoming more complex because of ongoing fragmentation but it is balanced by the advancements in technology. “There will always be new platforms, new liquidity providers and new ways to execute but that is offset by the advent of liquidity management software that enables you to assess all of those options. We help firms to understand the impact of changing your liquidity environment,” he says. “When you add a new LP there is trading documentation and credit agreements to sign, integration work to be done and APIs to be used, and much more. It is a complex exercise that takes time and money and success cannot always be guaranteed. This should no longer be the case. It should be much easier to add and assess new LPs. This is as important for LPs or venues selling their services as it is for takers; both sides need to know whether a relationship is likely to be worth consummating” “One change we have seen in recent years is the greater number of firms that have appointed liquidity managers to take responsibility for the process. In some firms it is a full-time dedicated role. Others have liquidity management departments. But even though it is a specific role, it can vary depending on the entity and its trading objectives,” says Hopkins. “For example, an ECN will have a different approach to liquidity than a macro hedge fund in terms of centralised dealing desks or automation. There may even be different trading entities and styles within the same organisation. So liquidity management can be 24 JULY 20<strong>23</strong> e-FOREX
THE BENCHMARK SERVICE YOUR PORTFOLIO MANAGERS HAVE BEEN WAITING FOR. X MATCH: SWAP The only product that delivers the benchmark for FX hedgers. To reduce tracking error, eliminate market impact, and optimize workflows, contact us at info@fxhedgepool.com JULY 20<strong>23</strong> e-FOREX 25
Page 1 and 2: transforming global foreign exchang
Page 3 and 4: Welcome to e-FOREX transforming glo
Page 5 and 6: Order Management System Supercharge
Page 7 and 8: Institutional EMBARK POWERFUL LIQUI
Page 9 and 10: Evolving with the Market Added Func
Page 11 and 12: JULY 2023 e-FOREX 11
Page 13 and 14: We build the community. You join th
Page 15 and 16: MARKET COMMENTARY is an industry ch
Page 17 and 18: TRADING OPERATIONS Nicholas Pratt e
Page 21 and 22: TRADE SMARTER, FASTER AND SAFER Ref
Page 23: Welcome to the next generation of b
Page 27 and 28: GFMA calls for greater use of DYNAM
Page 29 and 30: REGIONAL E-FX PERSPECTIVE JULY 2023
Page 31 and 32: Your gateway to the global FX ecosy
Page 35 and 36: REGIONAL E-FX PERSPECTIVE and deep
Page 37 and 38: to building trusted partnerships Fl
Page 39 and 40: The Global Standard FX Swaps and Fo
Page 41 and 42: REGIONAL E-FX PERSPECTIVE notes.
Page 43 and 44: Next level financial markets A new
Page 45 and 46: PROVIDER PROFILE Our clients in Asi
Page 47 and 48: THE e-FOREX INTERVIEW Michael Idzko
Page 49 and 50: THE e-FOREX INTERVIEW of the issues
Page 51 and 52: THE e-FOREX INTERVIEW Coming back w
Page 53 and 54: THE e-FOREX INTERVIEW WE NEED PEOPL
Page 55 and 56: SPECIAL REPORT JULY 2023 e-FOREX 55
Page 57 and 58: We set the standard in FX. The proo
Page 59 and 60: FX trading and liquidity solutions
Page 61 and 62: Powering your technology infrastruc
Page 63 and 64: FINTECH distinct examples of capabi
Page 65 and 66: FINTECH Cutting through the hype: W
Page 67 and 68: YOUR PIONEERING PARTNER IN INSTITUT
Page 69 and 70: 2023 PRINCIPAL SPONSORS JULY 2023 e

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