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Foreign Exchange

Best practice in foreign exchange markets 2010

Creating opportunity out of crisis; Transaction cost measurement; Regulation and reducing risk; Algorithmic trading; Arbitrage trading; FX trading moves into the next generation

6th Edition


A new kind of normal: Global foreign exchange markets have normalized and volatility subsided


The events of the past 18 months have had a profound impact on the FX market

as both liquidity providers and their customers put a much greater emphasis on

reducing risk and monitoring exposure in real time. This handbook, which has

been published by Euromoney and FXall since 2005, is read by over 30,000 market

participants each year. We believe that highlighting the challenges and opportunities

that every organization faces and sharing ideas helps the industry to evolve. To keep

our markets resilient, we all must be committed to continuous improvement of our

trading and workflow processes.


In this year’s edition of the Euromoney/FXall Best Practice in Foreign Exchange

Markets handbook, we hope to bring you insights about lessons learned from the

financial crisis and opportunities to gain competitive advantage with best practices.

Our first article, Creating Opportunity Out of Crisis, looks at the resiliency of electronic

trading and concurrent renewed emphasis on relationship e-trading.


In the article, Transaction Cost Analysis (TCA), we look at how to choose the best

execution mechanism to gain an edge. Expanding volumes in the back-office,

coupled with heightened concerns about credit and settlement risk have placed

increased scrutiny on operational efficiency. There has never been a more critical

time to discuss the importance of streamlining operations and being vigilant about

managing risk as the third article, Regulation and Reducing Risk explores. The

Impact of Algorithmic Trading is examined in the fourth article where two recognized

algo trading experts look at the positive impact algorithms have had on order

management and execution, in addition to addressing the classic “buy versus build”

decision. The guide concludes with a forward-looking article, Next Generation of

FX Trading.


The largest and most liquid market in the world keeps growing. Competition and

advances in technology continue to bring transparency to market participants and

we believe the industry is well served by its ongoing focus on all aspects of best

practice. At FXall, we are committed to delivering best practice to our clients and

contributing ideas that will help the industry to trade more knowledgeably, effectively,

and profitability.


Phil Weisberg, CFA

Chief Executive Officer, FXall

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