In addition to standard FX prime brokerage features it also gives the customer the capability of monitoring their trades as well as positions on a real-time basis. The positions can be monitored on a consolidated basis, so that the client is able to see what has been done across all ECN's utilized by them. The consolidated positions facilitate reduced credit use and give room for more trades.
Clients will soon be able to monitor billing reports as well. Most major FX providers continue to add a wider range of tools to their platforms, for example click and trade functionality or benchmark execution. What's driving this pace of e-FX product expansion amongst providers? Is it simply to match their competitors or is it really to entice and cater for a wider range of clients?
Our clients' successes
The primary aim of our e-FX trading solutions is to fulfill the needs of our existing clients. Accordingly, that is where our development efforts are focused. Having this approach we are seeking long-term stable benefits from the increasing loyalty of our existing clientele, rather than placing us in the hunt of short-term profits from temporary increased volumes. In our recent regional e-FX perspective article on France, we noted that the French buyside is still heavily weighted towards corporate especially with regard to electronic trading.
The attractiveness of these clients in terms of volumes, however, is delicate since Institutionals are the most demanding clients with accompanying specific risks. They are very price sensitive, and therefore are usually convinced by the price advantages of multibank platforms. They also are keen on using very sophisticated technology for instance most of them have API's which are plugged into several e-marketplaces.
The most significant development that will help us to compete in this market is our pricing engine.
With Reine Dossou, head of e-business at Societe Generale, Corporate & Investment Banking
Currently our developers are testing the latest development adding streaming functionality, which is essential in gaining a substantial part of the institutional client market. The online FX market is very dynamic. As I have mentioned earlier, the battle between different competitors will not just be a question of better price but rather a question of liquidity, efficiency and reliability of the bank's trading systems. Personally, we are confident on this point. It's exactly the reason we made the choice years ago to develop all our systems in-house and not be dependant on external technology providers.
Of course, it has consumed more time and resources in comparison to our competitors, but today, we are enjoying the fruits: being reactive and confident in our architecture - which we totally control. To achieve this goal we have developed a real-time monitoring system which allows us to be alerted before the client meets any potential problems. We are also applying our 3C price policy which consists in being Consistent, Constant and Competitive on the larger range of currencies.
The Tradetech Daily
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FX Markets e-FX Awards These awards recognise industry excellence in electronic foreign exchange among banks, brokers, vendors and the buy-side. View all awards. Smarter trading in a fragmented world In a survey conducted by FX Week in collaboration with Refinitiv of more than FX traders in Asia, we uncovered several trends that highlight current developments in the industry.
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