Considering APIs: automated trading and FX Option platforms
Frances Maguire sets out to discover whether the growing demand for
application program interfaces (APIs) to enable more automated
options trading could pave the way for an ECN-model for FX options.
The relative complexity of FX options, coupled with the increasing
sophistication of available technology, means that the hybrid
trading model that has grown up around FX options is being whittled
away - albeit at a slower pace than other instruments. Few would
disagree that it is only a matter of time before FX options go the
same way that equities and then spot FX have in terms of electronic
trading and the growing use of algorithmic trading.
Larry Rosenshein, chief operating officer of TFS-ICAP, says that
automating as much as the manual processing of FX options as
possible is the broker's core aim. He says: "Time is the single
most precious commodity that our clients lack. The more efficient
we make the communication between our brokers and our clients the
better we are able to serve their needs."
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