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Hi David,

I don’t have access to the full Greenwich survey, so cannot comment on how they break down the catagories, and was anyway only commenting on the ‘teaser’ article they published.

But the full BIS Triennial survey is freely available, and their methodology (pg 44) has a category of FX execution method called “Electronic Trading Systems”, which is defines as “Executed via a single-bank proprietary platform (SDP) or a multi-bank dealing system (MDP) – and of course, includes FXAll along with Currenex and FXConnect. Another category of electronic method is Electronic Broking Systems, which covers EBS and Reuters Matching.

Within the BIS survey summary (here), it states that electronic methods of execution accounted for 34% of all FX trading (across spot, fwds, swaps and options), of which:

Broking Systems= 17%
Multibank Trading Systems (MDPs) = 7%
Single Bank Trading Systems (SDPs) =10%

Total Electronic Trading = 34%

So, that would mean that SDPs account for nearly 30% of all electronic trading, whilst MDPs accounted for 21%.

I could provide a similar breakdown of the Bank of England data if needed. As I said, it will be interesting to see what the 2010 BIS survey results will show!

Regards

Paul