Refinitiv, a London Stock Exchange Group company, has launched Order Splitting on its FXall trading platform. Order Splitting, as its name suggests, enables traders to split one order into multiple smaller orders that can be traded using different execution methods and across multiple liquidity providers.
As buy-side participants in the FX market grow more sophisticated, they seek smarter workflow solutions that allow them to net and manage their orders before executing them in more cost-effective ways. With the greater flexibility granted by Order Splitting, traders can split an order into multiple smaller orders that can be traded using the execution methods most likely to minimize market impact and reduce spread costs – whether traditional request-for-quote or more advanced algorithmic strategies.
Thanks to Order Splitting, traders also have more flexibility to adapt their FX execution to changing market conditions. For example, if warranted by price deterioration, they can cancel the execution of an algo order that is already in-flight and immediately execute the remaining unfilled balance via RFQ, securing the best price from a panel of liquidity providers.
Jill Sigelbaum, head of Refinitiv FXall, explains:
“The flexibility of a trader’s order staging and execution workflow is critical to execution quality. The management of market impact and information leakage during the trading process continue to be top-of-mind for the industry, and with Order Splitting we are giving buy-side traders additional tools to achieve their objectives. This is another milestone in our delivery of solutions that empower traders to make smarter trading decisions and minimize execution costs”.
FXall offers clients access to deep liquidity with choice in execution, end-to-end workflow, and straight-through processing covering the entire trade lifecycle. FXall has a client base of over 2,300 clients and 230 bank and non-bank liquidity providers.