Banks Set Up High-Tech FX Trading Tools

Most currency-dealing banks are creating new generation high-tech trading tools to gain and retain clients.

Most currency-dealing banks are creating new generation high-tech trading tools to gain and retain clients, The Wall Street Journal reports. Clients will be able to utilize these algorithms to automate trades or structure trades in new ways, including spotting the best time to trade and completing big deals without the wider market finding out.

In the past 12 months, nearly six of the top10 global FX institutions have either launched or are developing major new technology initiatives aimed at retaining clients. Banks, such as Deutsche Bank rolled out a new package of algorithms used to execute trades this month and Goldman Sachs is set to deploy new computer-assisted trading technology soon. As per financial-research firm Celent, global FX information technology spending will reach $1.4 billion in 2011.

Click here for the story from The Wall Street Journal.

http://online.wsj.com/article/SB10001424053111904233404576460340364726576.html