Standard Chartered Bank has gone live with the Progress Apama FX Market Aggregation Accelerator in a deployment spanning currency trading desks in three continents.
Standard Chartered's FX traders are using customised Apama dashboards to gain an aggregated view of liquidity over five Electronic Communication Networks (ECNs). This liquidity is delivered via a combination of FIX-based and venue-specific direct connectivity adapters that Apama provides.
Todd McDonald, Standard Chartered's global head of FX electronic pricing and trading says the installation provides access to broader, deeper liquidity, leading to improved price discovery and better fills for the traders.
"With the aggregated view that Apama provides, our traders have a much better picture of an FX market that has become increasingly fragmented over the last few years," he says. "This aggregated view enables far more effective FX pricing strategies."
As part of this, the bank has implemented a set of custom FX algorithms - giving traders deeper insight into price variations across ECNs - and provided the capability for individual traders to customise the visual interface to suit their own dealing preferences.
Dealers can also make and take FX orders using a traditional FX trader keypad that has been integrated with the Apama FX Market Aggregator.
Though the first phase involves directly-quoted spot FX trading, Standard Chartered plans to add support for synthetic currency pair crosses and ultimately extend the platform to support trading in other asset classes.
Says McDonald: "As we develop experience with Apama, we will look to employ the platform to support trading in other assets, which may include bonds and rates."