State Street Adds Four FX Algos on BidFX

Boston-headquartered State Street, a financial services giant, has added its four foreign exchange (forex) algorithmic strategies on BidFX, a provider of electronic forex trading solutions.

Each of the State Street algorithmic strategies offers flexible FX trading executions to offer services to a wide trader base. Announced on Tuesday, BidFX clients can now access all these strategies on its platform.

Commenting on the matter, State Street’s Global Head of client algos, Mary Leung said: “Heightened market volatility caused an unprecedented increase in FX algo volumes back in March, proving that algos are a valuable tool for clients to reduce the cost and increase the efficiency of their execution. With State Street’s unique franchise liquidity, our versatile suite of algorithms are designed to adapt to our clients’ execution style and philosophy, bringing unparalleled value to their performance.”

Enhancing FX Services

Owned by the Singapore Exchange (SGX), BidFX offers an array of services within the FX trading industry. The company has partnered with several trading providers, including Global Prime and Nomura and also enhanced its own trading platforms.

Meanwhile, State Street enhanced its FX services with a partnership deal with CLS inked earlier this year.

“BidFX has had a long-standing relationship with State Street and it’s exciting to see State Street extending their integration with BidFX through the addition of their four FX algorithmic strategies,” Scott Gold, Americas Sales Head at BidFX, said.

“Given the premium put on liquidity due to the current circumstances in global markets, our clients have been utilizing more algorithmic strategies to execute efficiently. With that in mind, having the addition of State Street’s algos will deliver further value to the BidFX client base. We, therefore, welcome State Street as the latest algo provider on BidFX.”