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Foreign Exchange

FXall starts offering options pricing on its platform; BAML and Credit Suisse join as price makers

FXall, the number one multi-dealer FX platform, has today officially started offering request-for-quote prices (RFQ) for currency options on its trading platform, the company said in a statement.

Clients can now submit FX option RFQs to multiple banks and execute on the same electronic platform they use for trading spot, forwards, swaps, non-deliverable forwards, precious metals and money market instruments. The first live option trades were executed on Friday, with Bank of America Merrill and Credit Suisse streaming their option prices onto the platform for buy side clients. Eight price providers will support the post trade settlement functionality, while FXall expects other liquidity providers to join the platform in the future, though it did not set a likely time frame.

FXall offers a full end-to-end options workflow solution including pre-trade indicative calculations, execution of multiple strategies with or without delta exchange, and post-trade functionality for settlement, premium netting and payments.

In an interview with EuromoneyFXNews in March, Weisberg said he had a preference for a “dealer-centric model” versus an anonymous central order book.

“They do add a lot of value as intermediaries and clients recognize that,” he said at the time. “What’s really important is that we bring on more of the community. I want the option traders and sales people at the banks to say that this made the market better.”

FXall will compete with DigitalVega, TradeWeb, SuperDerivatives/FXCM, and SurfacExchange in the MDP options market.

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