FX news: New algo tool on Bloomberg promoted as ‘next big wave’
JPMorgan announced Wednesday the extension of MorganDirect AlgoX, its algorithmic order execution tool, to the Bloomberg platform.
Eddie Wen, global head of e-commerce for FX and rates at JPMorgan says: “With AlgoX now available via both Bloomberg and MorganDirect, JPMorgan’s institutional FX and rates trading platform, traders have a choice of venues through which to access our algorithms. Algorithmic execution provides a way for clients to efficiently access liquidity and achieve optimal execution within the FX market and we believe it is the next big wave in e-commerce innovation.”
Two new algorithmic strategies have also been added to the AlgoX suite: TWAP+, time-weighted average price with optimized execution; and TimeSlicer, a time-weighted average strategy.