FX Aggregation
FX liquidity is dispersed across multiple FX trading venues and this leads to inefficient trade execution and high costs. The challenge becomes finding a way to tap into this dispersed liquidity and complete trades with the knowledge that best execution has been obtained.
To ensure best execution, both buy- and sell-side trading organizations need tools to search for the right price, detect depth and implement algorithms to maximize results and minimize market impact.
The StreamBase FX Aggregator provides these tools, allowing firms to accelerate deployment of FX trading strategies and maintain competitive advantage. The StreamBase FX Aggregator applies the power of algorithmic execution to aggregate dispersed liquidity, allowing firms to identify the right price and detect depth across FX markets.
The StreamBase FX Aggregator includes five core components:
Market Data Feed Handler
The StreamBase FX Aggregator interfaces with any market data feed, allowing you to consolidate data from multiple feeds and to filter data to focus on markets, symbols and events of interest. Common FX feed handlers that StreamBase integrates with include Currenex, EBS, eSpeed and HotSpot FXi.
Liquidity Detector
The StreamBase FX Aggregator has the ability to track both displayed and hidden liquidity across the market. It monitors executions exceeding displayed volumes, measures response rates on dark books, observes changes to top of book following order execution, and it routes indications where possible.
Execution Algorithms
The StreamBase FX Aggregator incorporates client-designed algorithms and provides each algorithm with access to liquidity snapshots. It handles routing, scheduling, implementation shortfall and liquidity seeking.
Smart Order Router
Based on the execution algorithm, the StreamBase FX Aggregator slices orders and selects the proper destination while maintaining compliance with order protection and best execution obligations. It also enables venue prioritization based on transaction costs and compiles orders in compliance with destination requirements.
Order Book
The StreamBase FX Aggregator consolidates snapshots of markets, maintains order state and matches orders and executions. It also logs order flow, tracks order lifecycle and assembles records for compliance reporting.
Full Product Download
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