FX Alliance Extends Trading Platform to Include FX Options
FX Alliance (FXall) says that clients can now execute foreign exchange (FX) options on its FXall trading platform, use it to submit FX option request for quotes (RFQs) to multiple banks and deal electronically on the same platform they use for trading in spot, forwards, swaps, non-deliverable forwards (NDFs), precious metals and money markets.
Participants completed live option trades on its production environment on 29 June as part of its options roll-out programme. FXall says that at the initial launch, Bank of America Merrill Lynch (BofA Merrill) and Credit Suisse (CS) will be providing streaming electronic options prices to clients. Eight providers will support the post-trade settlement functionality and it expects additional banks to become liquidity providers.
“We continue to extend our product offering to meet the complete execution and workflow needs of our clients, and now the full suite includes FX options,” said Phil Weisberg, chief executive officer (CEO) of FXall. “We have worked closely with BofA Merrill and CS to evolve the electronic FX options market and deliver a superior user experience.
“We anticipate that many of our existing clients will want to take advantage of this new integrated capability that is delivered uniquely through this channel.”