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Vendor tools offering counterparty suggestions to foreign exchange traders should not replace a firm’s own execution assessments, warn market participants.
The products, aimed at cash FX trades, can use firm-specific and communal execution data to help buy-side firms standardise and automate counterparty selection. Major transaction cost analysis (TCA) providers BestX and Tradefeedr each offer a version of this service.
Richard Turner, senior FX trader at Insight Investment, cautions that a tool’s
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