Goldman, JPMorgan, Morgan Stanley have joined FXall’s option trading platform as liquidity providers offering request-for-quote prices (RFQ), the company said in a statement today.
The three US banks join Bank of America and Credit Suisse, who signed up as price providers at the platform’s launch in July. FXall declined to provide details of volumes traded on the platform since launch.
“These five banks are at the forefront of electronic options trading and their ability to integrate quickly with our system highlights the quality of their offerings and their dedication to providing options liquidity to clients,” says Phil Weisberg, CEO at FXall.
The compelling reason to trade on FXall’s platform is that it is the market’s leading multi-dealer portal for spot and forward FX, and thus options pricing is being integrated onto the same platform as those products.
“The FXall Multibank Options trading platform will open up a new channel for us to serve our clients. As the market evolves towards a more electronic means of execution, FXall is a strategic partner in helping to broaden the distribution of our electronic products,” says Kayhan Mirza, global head of FX options at J.P. Morgan.
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.
FXall will compete with DigitalVega, TradeWeb, SuperDerivatives/FXCM, GFI and SurfacExchange in the MDP options market.