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EuromoneyFXNews e-trading survey: Action stations for electronic migration

EuromoneyFXNews’ inaugural e-trading survey reveals that buy-side clients expect the move from voice trading to electronic trading to build momentum, with single-dealer platforms gaining favour as application programming interfaces stall.

The migration from voice trading to electronic execution in foreign exchange markets continues to build momentum, and the results of the EuromoneyFXNews e-trading survey show that buy-side clients expect this growth to continue.

Voice trading makes up, on average, 18% of all executions the survey shows. Respondents expect this to fall to less than 13% in the near future.

What eFX clients want
Respondents’ breakdown of venue/format of FX execution
Current average Expected average
Direct API: 26.10% 30.24%
MDP: 41.09% 38.80%
SDP: 32.65% 36.18%
Voice: 17.91% 12.77%
What is important in choosing an electronic venue?
Reasons for using multi-dealer platforms
Rank Reasons to use an MDP Score
1 Narrower bid-offer spreads 97
1 Demonstration of best execution 97
3 Depth of book 86
4 STP 51
5 Internal execution policy requirement 27
6 Anonymous trading 26
7 Integrated workflow 16
Reasons for using single-dealer platforms
Rank Reasons to use an SDP Score
1 Choice of counterparty/bank relationship 124
2 Reliability/stability of platform 77
3 Breadth of currencies 70
4 STP/Integrated workflow 46
5 Breadth of product algo tools/analytics/charting/online chat 41
6 Pre-trade research 17
7 Support/help desk 16
8 Integrated workflow 10
Source: EuromoneyFXNews e-trading survey 2012

The results also show that customers are moving more electronic volume flow towards single-dealer platforms (SDPs), with their share of turnover expected to grow from 29% to 33% in the next two years.

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