“ALiX, can you price me a EUR/USD swap”? Amidst the unrelenting turbulence that has gripped the FX markets in recent times, ALiX’s simplicity and sophistication is fast becoming one of the most valuable tools in FX.
The surge in volatility, fuelled by shifting economic and geopolitical factors, has tested even the most seasoned FX traders. Fluctuating currency values, sudden spikes, and unpredictable trends have become the norm rather than the exception.
As corporates, institutionals and hedge funds alike grapple with this new dynamic, the need for a trusted trading provider and innovative technology has never been higher.
BNP Paribas has once again distinguished itself as a digital leader in the FX markets. It has supported clients throughout the most challenging periods, delivering technological tools that are transforming the way clients trade FX.
A year of success
As a result, Euromoney awarded BNP Paribas at its new Foreign Exchange Awards 2023 in the following categories:
- Best Bank for e-FX Trading
- Best Global FX Market Innovator
- Best FX Bank for Innovation
- Best FX Bank for Trading Technology
“We are honoured to be recognised across our FX trading business,” comments Francisco Oliveira, Co-Head of Global Macro and Global Credit at BNP Paribas. “We have worked relentlessly to create advanced digital tools to support our clients in the FX markets and strive to deliver an unparalleled service, no matter the circumstance.”
We have worked relentlessly to create advanced digital tools to support our clients in the FX markets and strive to deliver an unparalleled service, no matter the circumstance.
Francisco Oliveira, Co-Head of Global Macro and Global Credit, BNP Paribas.
Advancing in AI
The rapidly evolving landscape of financial technology has opened new opportunities for investment banks and their clients. From intuitive algorithmic trading platforms, such as BNP Paribas’ Cortex iX, or real-time data analytics tools, such as Insight Live, these innovations offer corporate and institutional clients a new level of sophistication and control when managing their FX execution.
ALiX is a standout example. Launched in 2019, ALiX was the first digital trading assistant to hit the FX market. Using natural language processing (NLP), this intelligent chatbot allows BNP Paribas’ clients to request FX prices, execute trades and monitor their activity in a fully automated and convenient way, without the need for human intervention. It was first offered through Cortex iX, and following its overwhelming success, was expanded to cover the whole product suite within the bank’s FX single dealer platform, Cortex FX.
In its latest evolution, ALiX will soon offer clients the ability to request content from Markets 360TM. In times where markets are increasingly sensitive to macro events, this feature will give clients greater confidence in their decision making and streamline the way they access BNP Paribas’ research and analysis.
“ALiX is one of the most advanced chatbots available in the FX Markets,” comments Joe Nash, eCOO Global Macro at BNP Paribas. “It’s a real game changer. We are seeing more and more clients turn to ALiX in times of market stress. It’s ability to cut through the noise and provide a streamlined and intuitive way to trade FX products has proved immensely valuable.”
ALiX has played a pivotal role in the success of BNP Paribas’ e-FX trading business in recent years. Euromoney recognised this feat and awarded BNP Paribas for its innovation and market leading technology.
Investing in E-FX Trading
ALiX compliments BNP Paribas’ wider e-FX trading business. Through continuous investment and digitalisation, the business has delivered for clients over the last 12 months.
Another key driver of success is the bank’s e-books, the pricing engine behind BNP Paribas’ trading business. The bank has continually enhanced its e-books in spots, forwards and swaps over the last 12-18 months, which has allowed the business to provide greater liquidity and more competitive prices.
“Providing consistent liquidity and competitive prices is crucial for clients when markets are in turmoil,” comments Adrian Hudd, Global Head of G10 FX Swap Trading. “Our e-books allow us to efficiently source liquidity and better manage risk, which has been hugely valued by clients.”
As a result of its efforts, Euromoney awarded BNP Paribas Best Bank for e-FX Trading.
As the financial world continues to evolve, the role of technology in FX trading will continue to intensify. BNP Paribas remains at the forefront of this journey, delivering new and intuitive ways to tackle market challenges in FX.
