According to Progress Software, Standard Chartered’s FX traders are using customized Apama dashboards to gain an aggregated view of liquidity over five electronic communication networks. This liquidity is delivered via a combination of FIX-based direct connectivity adapters that Apama provides. As part of the Apama implementation, Standard Chartered has implemented a set of custom FX algorithms that allow traders to execute trades across the varied venues.
The flexibility of the Standard Chartered implementation extends to the inclusion of a custom Java-based user interface created within the Apama development framework. The user interface is expected to allow traders to have customized views of FX liquidity, including separate panels for groups of currency pairs, said Progress Software.
Standard Chartered’s traders can 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 the support for synthetic currency pair crosses.
Todd McDonald, global head of FX electronic pricing and trading at Standard Chartered, said: The key benefits of the Apama FX aggregator are its ability to provide access to broader, deeper liquidity, which leads 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. This aggregated view enables effective FX pricing strategies.