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STT E-Trading June 2006

STT E-Trading June 2006

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Published by: zerohedge on Jul 20, 2009
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05/11/2014

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What are the Implications of the GrowingUse of Electronic Trading ?What are the Implications of the GrowingUse of Electronic Trading ?
Michael Kahn –Head of European FX Sales & TradingState Street Global MarketsRoger Hawes –Global Head of Spot FX TradingThe Royal Bank of Scotland
 
Historical Perspective
The mid to late 1990’s: Single bank platforms, processing efficiency, functionality build out, STP, private networks, RFQ.
2000 –2004 : The rise of multi-bank platforms, transition to the internet, the ECN develops, auto pricing is a focus, prime brokerage activity in FX expands, white labeling and outsourcing proliferates, “reported e-ticket volumes in excess of 50% of total” by 2004.
2005 : The Application Program Interface (API) facilitates revolutionary change in the FX market. Hedge Fund and CTAparticipation leads to explosive volume increases, programmable,rapid –fire, high frequency trading gains momentum. RFQ-RFS.
 
19.718.916.7
14161820
   %    g   r   o   w   t   h   i   n   a   v   e   r   a   g   e   F   X   c   a   s   h   t   r   a   d   e   d   v   o   l   u   m   e
Federal ReserveClientKnowledgeFX StudyBank of England
Growth in overall FX cash traded volume: 2004-2005
Comparable data from the Federal Reserve, Bank of England and ClientKnowledge 

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