As the industry gathers for TradeTech FX in Barcelona this week, we talk to Adam Toms, CEO of OpenFin Europe, about the latest trends in FX trading and the work OpenFin have been doing with BNP Paribas to transform their FX workflows.
The FX market is clearly unique in comparison to other asset classes. What is it that makes this space attractive to OpenFin?
The fragmentation of the FX market is really what sets it apart from other asset classes not to mention FX is the biggest financial market in the world. The decentralized nature of the FX market leads to the fragmentation of applications, different analytics, price data feeds and so on. For this reason, and for the fact that it’s a very electronic market, the sheer quantity of applications in the FX space is remarkable. In fact, a recent WBR survey found that 40% of respondents said increasing on-desk technology is the top challenge facing FX trading desks in 2019. It’s all too easy for a trader desktop to become cluttered to the point of disrupting workflow, and that’s where we can make a big difference.
What are you hearing from the FX professionals you speak with? How do they define success when it comes to new FX initiatives?
Many FX professionals are finding themselves in a kind of paradox: they have access to more data than at any point in the past, but the information overload makes it harder than ever to access relevant insights. When it comes to the desktop, they need easier navigation, better visualization and more effective alerts. Currently, there are eight platforms leveraging OpenFin technology to enhance their applications in the FX space, and all have addressed at least one of these issues. As a result, we’re not only helping traders navigate this market with greater precision and efficiency; we empower traders to take more control over their desktop technology and workflow, to drive increased performance.
To read the full article, click here.