The upgrades include live options execution, improved pricing and risk management capabilities, the pilot launch of the bank’s first FX algorithmic trading strategy and expanded access to liquidity on third-party platforms.
In addition, the bank says that, during the first half of 2006, it exceeded 11,000 global users for its FX ETS platform, grew electronic transaction volumes by 90%, and provided clients with access to liquidity through over 20 platforms.
Enhancements include the trade weighted average price (TWAP) algorithm, which is designed to deliver an average execution price while minimizing market impact. TWAP is in pilot with a select group of users and will be rolled out more broadly over the coming months.
The bank has also introduced FXtransact, a web-based application that allows clients to evaluate and execute FX options. This tool provides rapid-pricing, live delta hedging or delta exchange, risk management tools, charting capabilities and complete volatility information for a broad range of major and minor currency pairs. Options execution capability is also offered through a FIX connection.
Bank of America clients can also access liquidity through over 20 different applications and APIs, as well as disclosed multi-bank platforms such as TradingScreen, FXall, Currenex, 360T and most recently, Integral’s FX Inside.
