The major FX banks have been pushing their single dealer platforms pretty aggressively of late, looking to capitalise on established relationships with market participants. For example, earlier this year CitiFX announced that it had consolidated its portfolio of eFX trading platforms for corporate and professional investor clients into a new single dealer platform.
Joe Nash, BNP Paribas
“BNP Paribas has hugely improved the analytics tools available to users of Cortex FX in the last two years, adding a real time holistic view into market liquidity across primary markets, options inventory and restructuring, and options grids and axes,” said Joe Nash, the bank’s Digital COO for Foreign Exchange, Local Markets and Commodities.
The main driver behind higher electronic activity remains volatility, although this needs to be put in perspective with other market trends such as stagnating customer volumes, higher internalisation ratios and other risk management techniques, as well as a larger share of direct execution between market participants, conditions challenging the growth of volumes on electronic platforms, either single- or multi-dealer.
That is the view of Guillaume Carreno, the Global Head of Electronic Client Connectivity at Crédit Agricole CIB, who observed that the best execution obligation requires buy-side firms to get the best trading outcome for their client, which is often defined as the lowest cost or best price in flow products such as FX.
Guillaume Carreno
“From a commercial viewpoint, recent surveys and client feedback indicate that, if anything, activity on multi-dealer platforms is not challenged by the growth of single-dealer platforms but rather by direct API connectivity, reflecting the greater automation and disintermediation sought by market participants to reduce execution costs,” Carreno said.
“Multi-dealer platforms remain attractive thanks to the various trading protocols they offer and the data they provide as well as the technology some use. Execution quality is no longer only defined by price and spreads,” added Carreno.
Tod Van Name
Tod Van Name, the Global Head of Foreign Exchange Electronic Trading at Bloomberg rejected the notion that improved access to best execution has reduced the appeal of multi-dealer platforms, suggesting that access to a deep pool of liquidity across a wide range of instruments, currency pairs and execution methods is required to achieve best execution.
“Very few banks can offer all of that – particularly in onshore trading, frontier currencies, or localised markets like Scandinavia,” Van Name stated. “Multi-dealer platforms can bring all those factors together and provide a seamless mechanism for price discovery, netting and aggregation of orders, account allocation, and a wide range of regional and global liquidity providers.”
Platforms can provide analytics to measure price quality, not just the inquiries that resulted in a trade. For example, a buy-side client may want to know how often a liquidity provider priced and won the trade, was runner up, or was back in the pack. They can also measure how often a counterparty declined to price, failed to pick up a request, or refused to quote.
John Stead
According to John Stead, the Pre-Sales Director at SmartTrade Technologies, clients often comment that they like the service and direct relationship from single-dealer platforms but cannot prove the best execution.
“This is an undesirable conversation for the bank and the client and there is no upside except to the multi-dealer platform that makes money changing for its services,” Stead mentioned. “In response to this issue we developed, several years ago, a best execution report which enables the bank to provide a high level of transparency to the end client.”
As for whether this could help banks win back business from clients who have already migrated, Stead added that if they can offer improved pricing via their single-dealer platform and commit to provide best execution reports they can make a compelling case.
“It is not just a question of single-dealer versus multi-dealer platforms as other means of trading emerge, such as API trading,” Vikas Srivastava, the Chief Revenue Officer at Integral added.
Vikas Srivastava
“The costs of each distribution method need to be weighed up against the specific need when trading in certain conditions, with different currency pairs, and against specific counterparties. From here market participants can decide what the most suitable platform and technology is.”
Eurex has predicted that a growing number of single- and multi-dealer platforms will enable trading in FX futures as a result of an increasing number of dealer banks entering this market and using the bilateral trading models of FX futures as suitable instruments for transacting in short-dated FX with their clients, while reducing the impact of capital on their prices.
Stead suggested that it has already become easier to trade FX futures this way. “As technology has matured, barriers to entry have reduced for many vendors, banks and multi-dealer platforms,” he pointed out. “We have seen more and more clients interested in using our technology to add futures liquidity into their cash liquidity stack as a way of maximising liquidity sources and also to provide a broader breadth of sources.”
Van Name cautioned that although there are many initiatives to make futures/cash position management more accessible, it is still a small part of the market, albeit one that could grow if clearing ever becomes mandatory beyond UMR.
In July 2022, the Financial Markets Standards Board launched its final statement of good practice on trading platform disclosures covering all areas of the FX market and including platforms that are not considered to be trading venues under existing regulation, such as single-dealer platforms.
“The practices benefit buy-side clients by clarifying and standardising the type of information provided by all platforms regardless of how they may be classified,” mentioned Van Name. “These practices are complimentary to the FX global code.”
The statement reflects key areas of existing trading platform rulebooks, but while information transparency has improved work is still required on both sides to easily (and fully) enable access to critical information and its use in a productive manner, suggested Carreno.
“This is especially true for FX spot-only trading platforms, which are traditionally not subject to the same regulatory scrutiny and regime as those offering the full suite of FX products,” he concluded.
The major FX banks have been pushing their single dealer platforms pretty aggressively of late, looking to capitalise on established relationships with market participants. For example, earlier this year CitiFX announced that it had consolidated its portfolio of eFX trading platforms for corporate and professional investor clients into a new single dealer platform.
Joe Nash, BNP Paribas
“BNP Paribas has hugely improved the analytics tools available to users of Cortex FX in the last two years, adding a real time holistic view into market liquidity across primary markets, options inventory and restructuring, and options grids and axes,” said Joe Nash, the bank’s Digital COO for Foreign Exchange, Local Markets and Commodities.
The main driver behind higher electronic activity remains volatility, although this needs to be put in perspective with other market trends such as stagnating customer volumes, higher internalisation ratios and other risk management techniques, as well as a larger share of direct execution between market participants, conditions challenging the growth of volumes on electronic platforms, either single- or multi-dealer.
That is the view of Guillaume Carreno, the Global Head of Electronic Client Connectivity at Crédit Agricole CIB, who observed that the best execution obligation requires buy-side firms to get the best trading outcome for their client, which is often defined as the lowest cost or best price in flow products such as FX.
Guillaume Carreno
“From a commercial viewpoint, recent surveys and client feedback indicate that, if anything, activity on multi-dealer platforms is not challenged by the growth of single-dealer platforms but rather by direct API connectivity, reflecting the greater automation and disintermediation sought by market participants to reduce execution costs,” Carreno said.
“Multi-dealer platforms remain attractive thanks to the various trading protocols they offer and the data they provide as well as the technology some use. Execution quality is no longer only defined by price and spreads,” added Carreno.
Tod Van Name
Tod Van Name, the Global Head of Foreign Exchange Electronic Trading at Bloomberg rejected the notion that improved access to best execution has reduced the appeal of multi-dealer platforms, suggesting that access to a deep pool of liquidity across a wide range of instruments, currency pairs and execution methods is required to achieve best execution.
“Very few banks can offer all of that – particularly in onshore trading, frontier currencies, or localised markets like Scandinavia,” Van Name stated. “Multi-dealer platforms can bring all those factors together and provide a seamless mechanism for price discovery, netting and aggregation of orders, account allocation, and a wide range of regional and global liquidity providers.”
Platforms can provide analytics to measure price quality, not just the inquiries that resulted in a trade. For example, a buy-side client may want to know how often a liquidity provider priced and won the trade, was runner up, or was back in the pack. They can also measure how often a counterparty declined to price, failed to pick up a request, or refused to quote.
John Stead
According to John Stead, the Pre-Sales Director at SmartTrade Technologies, clients often comment that they like the service and direct relationship from single-dealer platforms but cannot prove the best execution.
“This is an undesirable conversation for the bank and the client and there is no upside except to the multi-dealer platform that makes money changing for its services,” Stead mentioned. “In response to this issue we developed, several years ago, a best execution report which enables the bank to provide a high level of transparency to the end client.”
As for whether this could help banks win back business from clients who have already migrated, Stead added that if they can offer improved pricing via their single-dealer platform and commit to provide best execution reports they can make a compelling case.
“It is not just a question of single-dealer versus multi-dealer platforms as other means of trading emerge, such as API trading,” Vikas Srivastava, the Chief Revenue Officer at Integral added.
Vikas Srivastava
“The costs of each distribution method need to be weighed up against the specific need when trading in certain conditions, with different currency pairs, and against specific counterparties. From here market participants can decide what the most suitable platform and technology is.”
Eurex has predicted that a growing number of single- and multi-dealer platforms will enable trading in FX futures as a result of an increasing number of dealer banks entering this market and using the bilateral trading models of FX futures as suitable instruments for transacting in short-dated FX with their clients, while reducing the impact of capital on their prices.
Stead suggested that it has already become easier to trade FX futures this way. “As technology has matured, barriers to entry have reduced for many vendors, banks and multi-dealer platforms,” he pointed out. “We have seen more and more clients interested in using our technology to add futures liquidity into their cash liquidity stack as a way of maximising liquidity sources and also to provide a broader breadth of sources.”
Van Name cautioned that although there are many initiatives to make futures/cash position management more accessible, it is still a small part of the market, albeit one that could grow if clearing ever becomes mandatory beyond UMR.
In July 2022, the Financial Markets Standards Board launched its final statement of good practice on trading platform disclosures covering all areas of the FX market and including platforms that are not considered to be trading venues under existing regulation, such as single-dealer platforms.
“The practices benefit buy-side clients by clarifying and standardising the type of information provided by all platforms regardless of how they may be classified,” mentioned Van Name. “These practices are complimentary to the FX global code.”
The statement reflects key areas of existing trading platform rulebooks, but while information transparency has improved work is still required on both sides to easily (and fully) enable access to critical information and its use in a productive manner, suggested Carreno.
“This is especially true for FX spot-only trading platforms, which are traditionally not subject to the same regulatory scrutiny and regime as those offering the full suite of FX products,” he concluded.
Paul Golden is an experienced freelance financial journalist with a strong institutional background. Over the past two decades, he has written for globally recognised financial publications, covering topics such as market structure, regulation, trading behaviour, and economic policy.
73% of Young Investors Say Traditional Wealth Building Is Broken – Here’s How They Trade Instead
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
