Best multibank dealer-to-client forex trading platform: FXall
Highly commended: Centradia, FX Connect
Three key platforms have an enduring appeal for dealers and clients in the multibank dealer-to-client space. FXall stands out as the biggest and most flexible. It does face some challenges in keeping up with the speed of trade requests that black-box clients are starting to demand, and it does not yet offer executable streaming rates, but its overall position is very solid. The platform is now breaking even and it is processing large and increasing volumes each month.
Banks frequently boast about their response times on the platform as a benchmark of the quality of their proprietary trading technology. Some banks have made it a target to always be one of the top three or five dealers. All of them refer to the platform as an important way to reach clients.
Now that side of the business is established, FXall is moving into post-trade services. These projects are at a fairly early stage, but they have started well. Settlement Center is offered either as part of the trading service or separately. It handles confirmations, matching, allocations, and reporting, Prime brokerage services are also in pilot. These services for banks use FXall’s network to give up trades.