For years, multidealer platforms (MDPs) have reigned supreme in the world of trading, particularly among institutional clients who are required to demonstrate best market value execution. However, the significant advancements made in the field of single dealer platforms (SDPs), including BNP Paribas’ Cortex, are causing a notable shift. The integration of cutting-edge analytics tools, enhanced functionality, and tailored user experiences has ushered in a new era of SDP use.
A notable example of this trend is Cortex, BNP Paribas’ flagship SDP, which was recently recognised as OTC Trading Platform of the Year 2025 by Risk – the first SDP in 10 years to claim this title. While MDPs have traditionally been recognised in this category, Risk acknowledged BNP Paribas’ efforts to not only elevate its platform but also bridge the gap between SDPs and MDPs, providing clients with groundbreaking solutions that cater to both SDP and MDP users.
“We’re humbled to be recognised in this category,” says Raphael Masgnaux, Head of Global Technology Platforms for Global Markets. “Our client-centric approach drives everything we do. We’ve built a multi-asset trading platform that integrates our Global Markets offering, providing clients with seamless access to different asset classes. We’re grateful to our clients and proud to be acknowledged for our trading capabilities.”
Our client-centric approach drives everything we do. We’ve built a multi-asset trading platform that integrates our Global Markets offering, providing clients with seamless access to different asset classes.
Raphael Masgnaux, Head of Global Technology Platforms for Global Markets.
The rise of SDPS
MDPs have historically dominated due to their ability to provide clients with access to a broad range of liquidity providers. However, advancements in technology and innovation have increasingly led corporate and institutional clients to favour SDPs over traditional MDPs. This is largely due to SDPs’ ability to offer a tailored user experience and sophisticated trading capabilities, functionality that MDPs often lack.
For instance, BNP Paribas has expanded Cortex over the years to cover multiple asset classes including FX, commodities, fixed income, equities as well as the bank’s new data offering. This has enhanced the trading experience for the bank’s clients, allowing them to easily trade different asset classes through Cortex.
As well as this, Cortex offers several cutting-edge tools, such as the bank’s dedicated suite of algorithms in FX and equities. This allows clients to automate the execution of large orders and utilise advanced analytics tools to monitor their performance in real-time.
Within the FX arm of Cortex, clients have access to ALiX, BNP Paribas’ FX trading assistant. Seamlessly integrated as a compact on-screen widget, clients can chat with ALiX to request quotes, execute trades, and access the comprehensive FX product suite on Cortex FX. Notably, the latest iteration of ALiX enables clients to request access to research from Markets 360, BNP Paribas’ strategy and economics division, thereby providing clients with enhanced market context and added confidence in their trading decisions.
As a result of these developments, the gap between MDPs and SDPs is narrowing, with SDPs becoming an increasingly attractive option for clients seeking more advanced trading capabilities.
Bridging the gap
While SDPs offer an attractive alternative, some institutional clients are limited to using MDPs only. One significant challenge faced by MDP users is the limited functionality and lack of analytics tools available to them. BNP Paribas has adopted a collaborative approach, working closely with MDP providers to integrate its technology onto their platforms. This approach enables clients who are restricted to using MDPs to tap into BNP Paribas’ advanced tools, thereby enhancing their trading experience.
For instance, BNP Paribas has developed the Cortex app, which can be accessed through MDPs. This integration allows clients to leverage Cortex’s sophisticated capabilities, while still using their preferred MDP.
The financial markets have witnessed a significant shift towards SDPs due to their ability to offer a novel user experience and efficient trading, and by collaborating with MDPs, BNP Paribas is bridging the gap, bringing innovative solutions to both SDP and MDP users and driving advancements in the industry. As a result, Risk awarded Cortex OTC Trading Platform of the Year. Read the full article by Risk.
Get in touch
To find out more about Cortex, reach out to your BNP Paribas sales representative, or request a demo here.