BidFX, a trading platform and provider of electronic foreign exchange (forex) trading solutions, announced this Thursday that RBC Capital Markets has added its Algo suite to the company’s Execution Management System (EMS) platform.
Under the agreement, RBC Capital Markets’ Algo suite is available to all RBC clients immediately. On BidFX, the offering has already seen a great demand from institutional clients, the statement released today said.
BidFX, which is a subsidiary of TradingScreen, has been expanding into the institutional buy-side. During this process, the company has noticed a high demand for RBC and their Algo offering, according to John McGrath, the Chief Revenue Officer of BidFX.
“Algo’s are now one of the most common methods for buyside’s to measure their FX execution which is why it is so pleasing to add more providers of RBC’s quality to the BidFX platform,” McGrath continued.
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BidFX expands EMS platform
BidFX is continuously adding more providers to its EMS platform. As Finance Magnates reported, the company recently onboarded Jump Liquidity as its newest liquidity provider, in order to meet increasing demand.
Commenting on the partnership, Neil McClements, Head of EMEA eFX Sales at RBC, said: “At RBC we are committed to driving more transparency and consistency of execution and recognise the important role third-party platforms such as BidFX have to play in ensuring these efforts enhance the FX market.”
“We are continually developing and refining our FX Algo capabilities on behalf of our clients to improve workflow and execution efficiency, deliver more consistency in performance and minimising market impact.”
“Our robust suite of FX Algo solutions is designed to be tailored with user-defined controls to each client’s execution goals and desired benchmark. The combination of advanced Algo technology solutions and high-touch FX sales and trading services allows RBC to provide clients with market-leading execution capabilities.”