GFI has confirmed that one of its US-based clients executed an algorithmic trade in late May; since then, the client has traded algorithmically on numerous further occasions.
GFI says that it added a FIX-based API to its ForexMatch platform in April. The bank that did GFI’s first algo trade, believed to be in a short-dated G7 currency pair, is then traded the option’s gamma through its algo on to various spot platforms.
Paul Millward, products manager, FX options trading at GFI, says that several other banks are currently testing the API.
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