The TRADE 56 - Page 61

[ M A R K E T R E V I E W direct access to multiple trading venues. β€œIt could be exchanges, ECNs, bank and non-bank liquidity providers with matching servers located across multiple datacentres around the world. What makes it even more complicated is that FX trading is primarily latency sen- sitive, that’s why reliable and low latency connectivity to multiple venues globally is a key challenge,” she says. Global FX markets face shrink- ing bank balance sheets and an increasing amount of venues with varying trading protocols, meaning institutions must process literally tens of thousands of pieces of data every second. Liquidity conditions are obviously challenging in this environment and tight spreads in FX require fast execution. The speed of accessing and process- ing market data, and quick order routing are fast becoming key differentiators for large banks but finding the right balance for both connectivity and li ΕΥ₯‘₯Ρ䁍…Έ±•…)ΡΌ½΅Α±₯…Ρ₯½ΉΜΈ+ŠqQ‘”½ΑΡ₯΅…°ΥΝ”½˜½ΉΉ•Ρ₯Ω₯Ρδ)…Ή±₯ΕΥ₯‘₯Ρδ₯́„½΅Α±•ΰΑΙ½ˆ΄)±•΄³ŠtΝ…έ±•α•€)₯±ΡΝ½Ψ°Ό΅™½ΥΉ΄)•Θ½˜‘…Ρ„Ν₯•Ή”™₯Ι΄QΙ…‘•™••‘ΘΈ+Šq%ЁɕΕΥ₯ɕ́ё”ΡΙ…‘•ΘΡΌ½±±•Π)Ρ‘”ΕΥ½Ρ”…Ή½Ι‘•Θ‘…Ρ„°…Ή)ΕΥ…ΉΡ₯™δ΅…Ι­•Π₯΅Α…Π…Ή)‘½άΝ•±•Ρ₯½Έ…™™•Ρ́±₯ΕΥ₯΄)₯ΡδΑΙ½Ω₯‘•Ί₯ΈΡ‘”ΝΡ…¬Έ)ΡΙ…‘”΅½™˜‰•Ρέ••Έ…‘Ω•ΙΝ”)Ν•±•Ρ₯½Έ…ΉΝΑΙ•…½΄΄)ΑΙ•ΝΝ₯½Έ₯ٕ́ё”½ΑΡ₯΅…°)½΅Α½Ν₯Ρ₯½Έ½˜±₯ΕΥ₯‘₯Ρδ)π)<H$8)`  8t)ΑΙ½Ω₯‘•ΙΜΈ%Ё₯́…±ΝΌΥΉ₯ΕΥ”ΡΌ•… )ΡΙ…‘•ΛŠé™±½ά»Št+Šq=‰Ω₯½Υͱ䰁„΅…©½Θ‘…±±•Ή”₯Μ)ΡΌ…ΑΡΥΙ”…Ή…Ή…±εΝ”•Ω•Ι䁑…Ρ„)Α½₯ΉΠ₯Έ„™…ΝЁΑΙ½•ΝΝ₯Ήœ•ΉΩ€΄)Ι½Ή΅•ΉΠΈ)ΥΝЁ…́½ΉΉ•Ρ₯Ω₯Ρδέ…Μ)Ν½±Ω•‰δΝΑ•₯…±₯Ν•Ρ•‘Ή½±½δ+Šq)ΥΝЁ…́½ΉΉ•Ρ₯Ω₯Ρδέ…́ͽ±Ω•)‰δΝΑ•₯…±₯Ν•Ρ•‘Ή½±½δΑ±…ε•ΙΜ°)΅…Ι­•Π‘…Ρ„΅…Ή…•΅•ΉΠ…Ή)₯ΉΡ•±±₯•Ή”‘…́„‘₯ ™₯ᕐ½ΝΠ)έ‘₯ …Έ‰”΅½Ι”½ΑΡ₯΅…±±δ)΅…Ή…•‰δΝΑ•₯…±₯Ν•Α±…ε•ΙΜ»Št)1a$)%1QM=X° <΅=U9H°QIH)Α±…ε•ΙΜ°΅…Ι­•Π‘…Ρ„΅…Ή…•΅•ΉΠ)…Ή₯ΉΡ•±±₯•Ή”‘…́„‘₯ ™₯ᕐ)½ΝЁݑ₯ …Έ‰”΅½Ι”½ΑΡ₯΅…±±δ)΅…Ή…•‰δΝΑ•₯…±₯Ν•Α±…ε•ΙΜΈ) ₯œ₯ΉΝΡ₯ΡΥΡ₯½ΉΜ…Ι”ΝΡ…ΙΡ₯ΉœΡΌΥΝ”)½΅΅½Έ₯Ή™Ι…ΝΡΙՍΡΥɕ́ѼΝ½±Ω”)Ρ‘•₯ȁΝΑ•₯™₯ŒΑΙ½‰±•΅Μ©ΥΝЁ±₯­”₯Έ)Ρ‘”…Ν”½˜½ΉΉ•Ρ₯Ω₯Ρ今t)1½½­₯Ήœ…‘•…°₯ӊé„Ν…™”‰•ΠΡ‘…Π)Ρ‘”Ω½±Υ΅”½˜‘…Ρ„°½ΉΉ•Ρ₯½ΉΜ)…ΉΩ•ΉΥ•Μέ₯±°½Ή±δ₯ΉΙ•…Ν”Έ)½Θ₯ΉΝΡ₯ΡΥΡ₯½ΉΜ₯Έ`°Ρ•‘Ή½±½δ)…ΉΡΙ…‘₯ΉœΝεΝΡ•΅Μέ₯±°Α±…䁄)ΝΥ‰ΝΡ…ΉΡ₯…°Ι½±”…́Ѽέ‘Όέ₯Ή‘Μ)Υΐ…́ё”έ₯ΉΉ•Ί…Ή±½Ν•Ί₯Έ)Ρ‘₯́ΝΑ…”Έ1…ɝ”‰…Ή­Μ‘…Ω”‰₯œ)‘•₯Ν₯½ΉΜΡΌ΅…­”₯ΈΡ•Ι΅Μ½˜)Ρ•‘Ή½±½δ…ΉΝεΝΡ•΅Μ°…Ή)Ρ‘½Ν”‘•₯Ν₯½ΉΜ΅ΥΝЁ‰”΅…‘”)…±½ΉΝ₯‘”½ΉΝ₯‘•Ι…‰±”Ι₯Ν¬Έ) ΥΠ°…́₯ΈΡ‘”…Ν”½˜MΡ…Ή‘…ɐ) …Ή¬°Ρ…­₯ΉœΡ‘…ЁΙ₯Ν¬‘…Μ)•ΙΡ…₯Ή±δΑ…₯½™˜™½ΘΝ½΅”Έ)%ΝΝΥ”€ΤΨ€ΌΌQ‘•QΙ…‘•9•έΜΉ½΄€ΌΌ€ΨΔ