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How Access to Real Time Data Empowers Foreign Exchange Trading

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14th December 2021
The foreign exchange market fluctuates every second, if not even faster. For asset managers in the FX space, access to timely, accurate, clear data is critical to their every move.
That’s why so many have adopted Execution Management Systems within their FX trading systems to manage thousands of diverse portfolios and simplify operational execution. This year, CME ran a report based on global buyside surveys to discover what motivates customers to adopt these platforms and how they support asset managers’ complicated workflows.
On this episode, we talked about findings from the report and how streaming analytics plays a role with Hugh Whelan, Head of EBS Direct and EBS Institutional at CME and Rich Kiel, SVP, Global Head of FX Solutions, KX.


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Vincent Lam (VL): …You know, what would you tell somebody that either is in your shoes or, you know, is considering you know, what to do with their FX platform and EMS? You know, what would you tell them? And you know, Rich, I think from your perspective, you know, what would you tell them about the role of streaming analytics with FX and, and you know, how important that is? I think Hugh has certainly demonstrated that a lot in terms of all the things that he said, but I’m going to pause there, give you guys a moment to kind of share your kind of parting thoughts and advice to a younger version of yourself. So, Hugh, maybe you can kick it off, and then Rich, we’ll turn it over to you.
Hugh Whelan (HW): This is kind of the fun bit where you can kind of pretend to be grandpa on the chair rocking back and forth. You know, sage advice. But I think the biggest question I think I would pose to anybody looking for a change whether or not is just to take stock and say, are you getting value for money from your existing EMS provider? Are you able to keep up with and benefit from the advancements in technology, which is continuously changing? And whether you’re changing and being more efficient with your workflow? Are you getting value out of TCA? And are you improving your processes, with your incumbent EMS and OMS provider? And if there’s any questions there on any of those aspects, I would say call us at EBS Institutional and we’ll help you.
VL: Thanks Hugh, Rich?
Rich Kiel (RK): I mean, it’s hard to follow his example there, because I think it’s so strong and compelling. But I mean, it’s really simple. Data-centric, real time ready organizations are going to be the winners in the next generation. There’s just no question about it. I mean, we’re seeing it already. The markets are becoming more difficult and more challenging to trade. It’s harder to generate profits, spreads are compressing, it’s harder for portfolio managers to generate alpha…you have to embrace data. It’s kind of, as I was alluding to earlier, I mean, it’s this massive cultural shift.
RK: And we’re also seeing it as well, a generational shift as new, younger people come into the market. They’re not trading from the gut. They’re massive consumers of data. They’re driving analytics, they trust the data, as Hugh alluded to earlier. And if you embrace that kind of culture, over time, with an infinite loop of continuous improvement, there’s no question you will continue to outperform those that are, let’s just say, behaving in a more traditional manner. So, I think that’s really what it comes down to. It’s everything that we’re seeing, not just in foreign exchange, right, you could pick any industry, any vertical out there — it’s all about consuming massive volumes of data and being able to make decisions in the moment. And that’s the difference.

But how exactly? Listen to the full podcast episode to learn more.

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