Active Trading

Active Trading, designed for professional foreign currency traders in the global FX markets, is a foreign exchange trading platform from FXall that streams FX quotes anonymously from FXall’s Accelor ECN. Active Trading integrates full amount trading through bank streams with request for quotes (RFS) and the ability to trade on an anonymous basis through an order book, all on one screen, allowing you to meet your objectives, depending on market conditions, trade size, tenor, and currency pair. We believe Active Trading has set a new standard in foreign exchange trading, combining anonymous ECN functionality with advanced technical architecture and comprehensive market data to meet the needs of the most demanding professional FX traders.

Active Trading is backed up by the most comprehensive market data available – including full depth of book, completed trade information and historical data – enabling users to make more informed trading decisions. Active Trading is also complemented by FXall’s extensive range of trading and post-trade services – including FX forwards, swaps, NDFs and trade splits and rolls – offering users a complete solution for FX trading and workflow.

Advanced Technical Architecture

Active Trading was architected for minimal latency that tries to ensure that orders get filled and cancelled faster. Active Trading sources liquidity not only from a multitude of FX banks, but from a uniquely wide and diverse community of FX participants including hedge funds, asset managers and proprietary trading groups. We believe this means that a significant proportion of the foreign currency trading activity on FXall ‘s trading platforms are real-interest business, delivering more non-correlated deal flow and deeper FX liquidity.

Active Trading supports a variety of trading styles and execution methods, and offers a wide range of advanced order types. Its high-speed matching engine has been architected for minimal latency and orders are processed according to transparent business rules, ensuring equal access for all FX participants.

Benefits of Active Trading

• High-Speed Matching Engine
• Advanced Technical Architecture
• Low Latency Execution
• Liquidity from Bank and Non-Bank Providers
• Depth of Book
• Historical Data

Active Trading’s Multiple Order Types

• Variable TWAP Order: execute an order over a period of time. Invisibly sends pieces of the master order into the market on an IOC (Immediate or Cancel) basis at predefined time intervals with control over parameters such as time horizon, lot size, execution style, and market conditions.
• Stop Order: a stop loss or stop entry that establishes a trigger level that, once reached, launches an order to be executed according to predefined parameters.
• Pegged Order: move your order with the market bid or offer at a specified offset or number of points from the market quote. Also available With Discretion to be more aggressive in gathering liquidity while still having the opportunity to earn a spread by directing the system to trade on bids/offers that come within the discretion range of the posted order being worked at a fixed offset to the market.
• Market At Best Order: trade at the current best price without being visible in the order book. If the inside price is not enough to fill an entire order, the remaining quantity is filled by subsequent price levels until the entire order is completed.
• Limit Order: post at the limit price or sweep all available market liquidity to the specified limit price so the aggressor gets any price improvement. Also available With Discretion to work a display price and additionally act aggressively to take liquidity based on the predefined “discretion”.
• Iceberg Order (Limit Order With Reserve): a variation on the limit order that displays only a portion of the actual order quantity in the order book, while making the full amount available for execution if the offsetting interest is shown without losing time price priority.
• Hidden Order: rests invisibly in the order book to be filled by any orders entered at or better than the hidden order price within the order parameters and can potentially receive price improvement in a positively trending market.

Quick Trade

QuickTrade provides traders with a request for stream (RFS) service from FXall’s liquidity providers. QuickTrade delivers fast, automated prices from FXall’s liquidity providers straight to your desktop, with the potential for the largest transactions to be executed in a timely manner. More than several hundred currency pairs are traded on FXall, so whether you deal in major currencies or developing markets, we believe FXall will meet your needs.

We believe QuickTrade can deliver even more benefits to clients, with new features including.

• The ability to trade NDFs online with STP benefits – you agree a fixing date along with all the other trade details, while Settlement Center completes the process by sending the additional NDF details to your provider at confirmation time.
• Broken dated forward rate monitor.
• MT304 ticket type selection directly from the trading ticket for automated third-party notification or internal accounts.
• Roll and split previously executed trades with one click from the blotter.
• Automated connectivity using the FIX protocol.
• Tools to automate the workflow for Clients with separate internal accounts.

Bank Stream

Bank Stream delivers continuous, multiple rate streams from FXall’s liquidity providers, offering timely execution and access to liquidity. We believe QuickFill is a genuine revolution for active traders that place large orders. Annoying manual tasks are effectively automated for the first time, making volume trades easier to execute. QuickFill provides the confidence that transaction details are completely confidential and never published to the market.

• Continuous streaming prices either offered as a single stream “best price” rate feed or accessed through multiple individual bank rate streams of your choice.
• Obtain the liquidity available from provider relationships while maintaining complete confidentiality of transaction details.
• One-click execution and full automation of trading and workflow from a single access point.
• Transaction details remain confidential between the customer and the trading counterparty – no signals to the market.
• Offered side by side with QuickTrade, FXall’s established FX trading tool, to provide automated prices in exotic currencies, the flexibility to direct large transactions to a particular provider and the ability to roll trades forward.
• Available through a variety of APIs including FIX for professional traders – just one FIX connection to obtain liquidity from the entire roster of Bank Stream providers

Benefits of Bank Stream

• Liquidity and tight pricing – Bank Stream delivers a continuous stream of liquidity in most market conditions. By sourcing liquidity from multiple counterparties, FXall tries to ensure that there is always a price available when you need it. Bank Stream is offered side-by-side with QuickTrade, FXall’s trading tool, provide automated prices in exotic currencies and the ability to roll trades forward.
• FX confidential – Prices are available either as a single stream ‘best price’ rate feed or as multiple individual bank rate streams. Opt for Bank Stream’s single bank execution and Bank Stream will show you prices from each of the range of providers and highlight which bank is streaming the best price in your total amount. Alternatively, multi-bank mode offers the ability to trade with multiple banks simultaneously, allowing you to get the fastest and best fill for your total amount with just one click.
• Large Order Capabilities – Bank Stream is offered side-by-side with QuickTrade, FXall’s trading tool, to provide automated prices in exotic currencies, the flexibility to direct large transactions to a particular provider or prime broker, the ability to roll trades forward, one-click execution, seamless straight-through processing and automated prime brokerage messaging.
• Market Insight – Market Insight, FXall’s multibank research portal, gives clients access to the information they need to make critical trading decisions and mark their books to market – from comprehensive real-time market data to research and forecasts from the world’s foreign exchange banks

Portfolio OMS

We believe FXall’s advanced portfolio trading tool, streamlines foreign exchange workflow for asset managers and corporations alike. As such, it reduces the effort required to execute an entire portfolio of trades across multiple allocations, currencies and forward dates.

Portfolio OMS introduces a host of innovative order management features:

• Submit orders to banks for execution at a specified fixing.
• Execute orders individually or in competition using QuickTrade.
• Trade large net spot positions in competition, then roll allocation details forward.
• Trade net currency positions before submitting the underlying requirements.

Benefits of Portfolio OMS

• Dealing with internal accounts – Portfolio OMS can be adapted to create tailor-made internal dealing solutions that match the workflow requirements of any Client. Whether it’s an equity dealer entering an order with an internal FX trading desk, or a regional treasury requesting a price from head office, FXall’s compliance and control features tries to ensure that this automated workflow is accompanied by the tightest procedures for investors.
• Settlement Center and QuickConnect (Workflow Automation) – Portfolio OMS is integrated to FXall’s STP solution, QuickConnect, to provide seamless, real-time integration directly to your OMS. It is also fully integrated with Settlement Center to provide automated custodial notification and confirmation, allowing asset managers to automate the execution of requirements with several custodian banks simultaneously.
• Better market insight – Since Portfolio OMS is supported by Market Insight, FXall’s comprehensive source of real-time market data – we believe it gives asset managers the information they need to prove they are achieving best execution, even when dealing with a single provider.