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September 28, 2006
Bank of America Pilots its First FX Algorithm
Ivy Schmerken, Wall Street & Technology
Bank of America launched a pilot of its first foreign exchange (FX) algorithmic trading strategy, and also expanded liquidity access to third party platforms. Clients can access liquidity through multi-bank platforms such as TradingScreen, FXall, 360T and most recently, Integral Development Corp.’s FX Inside.
The bank made the announcement on Monday disclosing several enhancements to its growing range of Electronic Trading Services for foreign exchange clients.
By leveraging the team of astrophysicists through its acquisition of Financial Labs earlier this year, the bank also improved the accuracy of its pricing and its automated risk management engine, the release said.
The bank said it’s expanding its algorithmic offerings beyond equities into other asset classes with the launch of its first FX algorithm. The Trade Weighted Average Price (TWAP) algorithm is designed to deliver an average execution price while minimizing market impact. TWAP is in pilot with a select group of users and will be rolled out more broadly over the coming months.
The bank also announced live options executions through FXtransact, its new proprietary Web-based application that allows clients to evaluate and execute FX options via a FIX connection.
In the first half of 2006, the bank surpassed 11,000 global users for its FX ETS platform and grew electronic transaction volumes by 90 percent, and clients can now access liquidity through over 20 platforms.
Posted by Ivy Schmerken at 12:46 PM
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