Internet awards 2003: Best bank for forex trading connectivity: UBS
Highly commended: Citigroup, Barclays Capital, Goldman Sachs, Deutsche Bank
Clients of UBS and the other banks listed above are thoroughly spoiled for choice when it comes to forex trading connectivity. Any of those banks can and will go to extraordinary lengths to ensure that clients have the fastest, most reliable and most appropriate trading technology, in whatever format those clients choose.
UBS is simply the most ambitious bank in this area. At 70% of cash and 45% of options, it trades more foreign exchange products electronically than any other firm. It also routinely offers streaming dealable rates in larger volumes than most other banks. It can handle e75 million as a rule, and it is working on increasing that. For some clients it can already go further.
That means two things: first, that clients have an enormous amount of control over how and what they trade electronically; second, that the bank has excellent internal risk management tools. If a bank is prepared to auto-quote only up to e20 million in spot, and many do, it clearly is more worried that its risk management engines will fail.
In line with all the best banks in this area, the bank offers an open API, which is essentially a fancy way of saying that it can pump prices for execution into any interface.