The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Algo trading comes to options

Electronic trading looks set to start accelerating in options.

GFI has confirmed that one of its US-based clients executed an algorithmic trade in late May; since then, the client has traded algorithmically on numerous further occasions.

GFI says that it added a FIX-based API to its ForexMatch platform in April. The bank that did GFI’s first algo trade, believed to be in a short-dated G7 currency pair, is then traded the option’s gamma through its algo on to various spot platforms.

Paul Millward, products manager, FX options trading at GFI, says that several other banks are currently testing the API. “At the moment, we think it will be used for mainly vanilla options. We think that potentially it will lead to an increase in liquidity and that it will follow the same model as the spot market.”

Although GFI is the first broker to announce an algo option trade, Larry Rosenshein, chief operating officer of TFS-Icap, says it also has clients trading through an API. “Clients can access our Volbroker platform via an API. We have been trading with a client [bank] algorithmically via our API for the last few months in different currency pairs including AUD/USD, EUR/USD, USD/CAD EUR/JPY and EUR/GBP to name a few.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree