FX ALGORITHMIC EXECUTION SERVICES · Clients trading via Multi-Dealer Platforms (MDP) often...

FX ALGORITHMIC EXECUTION SERVICES

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CORTEX Intelligent Execution (CORTEX™iX) is the award-winning FX spot algorithm execution service from BNP Paribas. CORTEX iX has been designed to provide clients with access to bespoke algorithmic strategies whose primary goals are to capture price improvement, minimise market impact and ultimately achieve optimal execution by reducing overall transaction costs.

CORTEX iX employs next generation “adaptive” execution technology to continually monitor the markets and interpret possible market movements. Using this intelligence allows CORTEX iX strategies to achieve optimalexecution by adapting its execution behaviour.

LATEST AWARDSCLIENT EXPERIENCE

EDITOR’S CHOICE AWARDALGO PROVIDER OF THE YEAR

BEST BANK ALGORITHMIC TRADING TECHNOLOGY PROVIDER

Introducing

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Turn thought into execution

BNP Paribas’ 4th generation of algorithms continually monitor the markets, interpreting possible market movements by employing adaptive execution technology. This allows CORTEX iX strategies to achieve optimal execution.

Adaptivity

• CORTEX iX puts the client in the driving seat and provides full control of the execution.

• You can AMEND, SUSPEND, RESUME and CANCEL the order at any time during execution. In addition, you can switch strategies mid execution.

• You can set-up a vast array of parameters on each algorithm ensuring you have complete control. These include Limit price, Start/Stop time, Speed and many more.

Control

A fully auditable, post-trade report is generated instantaneously post-execution, which provides a full breakdown of the execution and is designed to meet the needs of client’s internal execution policies.

Transparency

All orders submitted to CORTEX iX are handled with enhanced confidentiality by the Automated Client Execution (“ACE”) desk which is segregated from BNP Paribas FX trading and sales desk.

Confidentiality

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Meet the AlgosCORTEX iX employs 3 execution algorithms: Chameleon, Viper and Iguana. CORTEX iX allows users to simply define a strategy based on their risk appetite and begin trading. This user friendly experience is then augmented with a range of interactive features which will allow the client to set the precise parameters for how they want to execute.

VIPERFast, aggressive algorithm using an intelligent aggress logic across multiple trading venues.

IGUANAPassive aggressive algorithm with dynamic participation rates that spread orders dynamically over a user-specified time interval.

CHAMELEONAdaptive execution strategy aimed at maximising spread capture in a dynamic fashion while seeking price opportunities.

FAST AND AGGRESSIVE

ADAPTIVE LIQUIDITY

MINIMISES MARKET SIGNALS

PACED PASSIVE

FIXED TIME WINDOW

DYNAMIC SPEED

PASSIVE

DYNAMIC LIQUIDITY SEEKER

ADAPTIVE ORDER PLACEMENT

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Choosing the right algorithmCORTEX iX’s 4th generation algorithms are designed to service different levels of risk appetite. This is guided by finding the right balance of exposure between market risk and market impact.

I PREFER: VIPER CHAMELEON IGUANA

To trade fast, while managing market impact

To capture as much spread as possible

To minimise the market impact of my order

An execution in line with market conditions

The minimum chance of being detected

To trade an illiquid currency pair without creating significant market noise

To trade an average of the market

To trade at a specific level in the market

To outperform the risk price

To outperform the market average over a certain period of time

VIPER

MARK

ET IM

PACT

GET ME OUTOF RISK QUICKLY

BALANCED STATE -OPTIMISED EXECUTION

TAKE ALL THE TIMEAVAILABLE FOR EXECUTION

MARKET RISK/TIME

IGUANA

CHAMELEON

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Key benefits of CORTEX iX

Stealth LogicRandomisation

of trading patterns to avoid being detected

and maintain true market anonymity.

Market IntelligenceAlgorithms are

continuously analysing market data and use signals developed by BNP Paribas’ premier

quant team.

Smart Order Routing

Intelligent order placement logic to

minimise market impact whilst analysing fill ratios in real-time.

TransparencyAn auditable, post-trade report is generated instantaneously

post-execution, which provides a full breakdown of the

execution and is designed to meet the clients’ optimal

execution practices.

LiquidityOpens up more liquidity

venues for wider distribution of trades.

Adaptive TechnologyAdaptive AI that enables dynamic

execution in a dynamic market place.

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Accessing the algos CORTEX FX: CORTEX FX is BNP Paribas’ advanced multi-product FX trading platform. Employing cutting edge trading technology, CORTEX FX offers you more than just efficient execution; it’s your one stop point of access to a range of intelligent electronic products, tools and services from BNP Paribas. CORTEX FX allows users to interact directly with the algos as they execute. Far beyond the standard pause, resume and suspend functions, the controls we have built put the client in the driver’s seat from beginning to end. With this range of features, users can choose to rely either on the intelligence of the algorithms to monitor market conditions during execution, and adapt themselves accordingly, or, users can depend on their own knowledge and expertise to drive the strategy as they see fit.

In addition to CORTEX FX, BNP Paribas’ CORTEX iX algorithms can be accessed through numerous Multi-Dealer Platforms (MDPs):

Bloomberg FX Connect Portware 360T

FX All Flex trade TradingScreen FIX API

MULTI-DEALER PLATFORMS:

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CORTEX FXEXECUTION MANAGER

MULTI-DEALERPLATFORMCLIENT

Execution Manager

• Access to real-time feedback from the algo (e.g. estimated time for completion/speedometer)

• Access to Rapid Fill, Fill Now, and Get Me Out buttons

• Ability to suspend and resume orders

• Ability to amend order in real-time including limit price, speed, etc.

• See all exchange orders in the iX blotter

• Settlement and STP will still flow back to the MDP OMS

EXECUTION MANAGER PROVIDES:

Clients trading via Multi-Dealer Platforms (MDP) often sacrifice the functionality offered by trading through a single dealer platform such as CORTEX FX. To overcome this, BNP Paribas offers a unique solution called Execution Manager, that allows a client to access this functionality whilst retaining the order submission from a MDP of their choice.

The client will be provided access to a non-tradable version of CORTEX FX, in which the order will appear once submitted on the MDP. All amendments/confirmations made within CORTEX FX will continue to flow back to the originating MDP, giving clients more flexibility in managing their orders.

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Pre-trade analyticsINSIGHT: Insight is a cutting-edge analytical tool offered by BNP Paribas which provides you with an interactive and dynamic overview of the current market environment. Insight allows the user to simulate the execution of a specific order in varying market conditions. The tool will present multiple execution options including forecasted performance metrics for the various CORTEX iX algo’s.

1. Understand the liquidity landscape

• Access forecast data analytics providing an insight into market liquidity conditions

• Identify the favourable time to trade given upcoming economic events

2. Understand the risk preference of the user

• Identify the optimal execution strategy based on the user’s risk appetite

• Present the user with multiple execution paths using CORTEX iX

3. Quantitative framework to support the choice

• Estimate an approximate cost of execution based on past performance, using a standard deviation as an approximate guide to the fluctuations in saving

• Quantitatively compare multiple execution paths

Volume and volatility curves for each specific weekday, with adjustments of

macro announcements (e.g. NFP Friday)

Display of macro economic announcements

and fixing times.

This

allo

ws

you

to:

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Post-trade analytics

PERFORMANCE BENCHMARKS ORDER PLACEMENT

MARKET LIQUIDITY EXECUTION VENUE

The reports deliver transparency on trade execution and additional data:

Benchmarks including risk-transfer price, TWAP and arrival price

USD savings achieved by the algo against each of the benchmarks

New improved charting that highlights market data 10 minutes before and after the execution window

USD savings per fill

CORTEX iX Post-Trade Reports have been refined to provide clients with an accessible, comprehensive breakdown of their transactions, immediately after execution. View every detail of any trade you make with our extensive reporting feature. Reports can be customised to deliver full transparency of how and where an order was executed in either a tabular or graphical format.

MARKET BID

25,000,000

50,000,000

75,000,000

100,000,000

125,000,000

150,000,000

14:34

14:36

14:38

14:40

14:42

14:44

14:46

14:48

14:50

14:52

14:54

14:56

14:58

15:00

15:02

15:04

15:06

15:08

15:10

15:12

15:14

15:16

15:18

15:20

15:22

15:24

0

MARKET ASK

CUMULATIVE FILL

FORCE FILL

LIMIT PRICE

AGGRESSIVE EXECUTION

PASSIVE EXECUTION

MID EXECUTION

501.0907

1.0909

1.0911

1.0913

1.0915

1.0917

1.0919

1.0921

1001502002503003504004505001.0923

Unit: Millions

Unit: Millions

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08:00

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09:00

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08:45

-09:45

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08:15

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09:15

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09:30

REFERENCE TRADED VOLUME ALGO TRADED VOLUME

RATE SLIPPAGE (RATE) USD SAVINGS

RISK TRANSFER PRICE 1.126764 -0.0018542 704,602

MARKET AVERAGE BID 1.128604 -0.0000142 5,386

MARKET AVERAGE MID 1.128641 0.0000232 -8,832

ALGO START PRICE BID 1.128050 -0.0005682 215,918

ARRIVAL PRICE BID 1.128050 -0.0005682 215,918

36,9%

13,4%12,5%

10,1%

0,5%

7,6%

4,9%

4,2%

5,6%3,8%

VENUE 1

VENUE 2

VENUE 3

VENUE 4

VENUE 5

VENUE 6

VENUE 7

VENUE 3

VENUE 9

VENUE 10

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Portfolio TCAIX PORTFOLIO-BASED TCA REPORT: BNP Paribas can review all trades executed via CORTEX iX and analyse them as a portfolio. The analysis will look to highlight whether the client is using a cost efficient execution strategy given their processes, benchmarks and constraints. BNP Paribas will analyse the data and provide constructive feedback that will help the client to define an optimal execution policy.

Analytics based over a user-specific time frame (monthly, quarterly, annual) for all the client trades executed via CORTEX iX. Comparisons to different types of benchmarks e.g Arrival Price, the BNP Paribas electronic Risk Transfer price or the TWAP (Time Weighted Average Price).

BNP PARIBAS’ STRATEGIC PARTNERSHIP WITH BESTX ON TRANSACTION COST ANALYSIS

BNP Paribas’s global FX business, part of its Global Markets department, is delighted to announce a strategic partnership with Fintech company BestX, a specialist independent provider of FX transaction cost analysis (TCA). Initially the focus of the partnership will be on the provision of post-trade TCA on algorithmic FX transactions – if the client requests it, details of their algorithmic transactions will be automatically shared with BestX who in turn will perform their own TCA on the transaction. The partnership will allow clients to supplement the existing pre- and post-trade TCA provided by BNP Paribas with the additional assurance afforded by BestX’s independent analysis.

COUNT AMOUNT DURATION RISK TRANSFER TWAP FAR TOUCH ARRIVAL FAR TOUCH

# (M$) (s) Savings ($) Perf (bp) sd (bp) Savings ($) Perf (bp) sd (bp) Savings ($) Perf (bp) sd (bp)

CHAMELEON 43 3 250,47 1 406,94 4 656 371,78 5,10 0,81 -159 000,18 -0,49 0,21 -763 209,61 -2,37 0,84

IGUANA 25 1 541,28 2 459,61 245 291,52 1,59 1,12 49 300,79 0,32 0,31 -573 448,90 -3,72 1,15

VIPER 13 559,01 37,20 33 311,65 0,60 0,22 195 919,82 3,50 1,50 -69 834,16 -1,25 0,36

POSITIVE OUTLIERS

AUD/USD

EUR/CHF

EUR/USD

CURRENCY_PAIR

NEGATIVE OUTLIERS

DOLLAR AMOUNT

10MS

50MS

100MS 200

MS

GBP/USD

USD/CAD

USD/JPY

perf

orm

ance

aga

inst

ris

k tr

ansf

er p

rice

(bp)

APR

-10

0

10

JUL OCT

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ConfidentialityAll iX orders are managed by BNP Paribas’ Automated Client Execution (“ACE”) desk. This desk is fully segregated from the market making desk both physically and from a reporting line perspective to address potential conflicts of interest.

ANONYMOUS

All algo trades will be executed in the market under a generic BNP Paribas dealing code, ensuring that no client activity is seen in the market place. During execution, all trade data is kept confidential and monitored by the ACE desk only.

EXTREME CONFIDENTIALITY

Clients can elect to opt in for this feature that will restrict access to trade information once the order has been executed. Only the ACE desk will have visibility of the order. Whereas the principal trading desk and sales coverage will have no knowledge of the order.

SEGREGATION

All CORTEX iX trading activity is fully segregated away from the principal trading desk minimising the risk of information leakage.

ACE DESK

PRINCIPAL DESK

SALES TRADING RESEARCH

KEY FEATURES:

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To find out more about CORTEX iX or to request access to the platform, please contact us on:

AMERICAS +1 212 841 3838ASIA +65 6210 1828EMEA +44 20 7595 [email protected]

Awards

2018CLIENT EXPERIENCE ALGO PROVIDER OF THE YEAREDITOR’S CHOICE AWARD-2017BEST EXECUTION CLIENT EXPERIENCEEDITOR’S CHOICE AWARD-2016BEST EXECUTION -2015ALGO PROVIDER OF THE YEARCLIENT EXPERIENCE-2014ALGO PROVIDER OF THE YEAREDITOR’S CHOICE AWARDINNOVATION OF THE YEAR-2013ALGO PROVIDER OF THE YEARINNOVATION OF THE YEAR

2017 BEST ALGORITHMIC TRADING TECHNOLOGY PROVIDER-2016BEST ALGORITHMIC TRADING TECHNOLOGY PROVIDER-2014BANK E-FX INITIATIVE OF THE YEARMOST INNOVATIVE BANKING ETRADING PLATFORM-2013BEST ALGORITHMIC TRADING TECHNOLOGY PROVIDERMOST INNOVATIVE BANKING ETRADING PLATFORM

2016BEST FX ALGO EXECUTION

2016MOST INNOVATIVE BANK FOR FX

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CHAMELEONThe flagship, adaptive algorithm has been designed to constantly

adapt to existing market conditions. It is tailored for maximising

spread capture by favoring passive executions, while intelligently

capturing spread.

PASSIVE • DYNAMIC_LIQUIDITY_SEEKER • ADAPTIVE_ORDER_PLACEMENT

[email protected]

The bank for a changing world

CHAMELEONChameleon is a third generation adaptive algorithm designed to work large size orders directly into the interbank markets. It camouflages the order by breaking it down into smaller manageable clips that it fills over the execution window. Chameleon’s objective is to fill the order on the passive side of the market. It has smart order placement logic, where it varies its clip size based on real-time market activity to blend into the market. If the open market orders are not filled in a timely manner, Chameleon will briefly switch to smart aggress mode, where it will aggress various FX trading venues to ensure the order is being filled. Its stealth logic prevents its trading patterns from being easily identified during execution.

Start the execution by specifying start trigger either as a rate or a time.

When a stop condition is reached, the algo can fill in the remaining balance

of your iX order or stop any further execution and

cancel the order.

Allows the user to determine how fast the algo should execute the order. It will instruct the algo to either aggress the market more or less often, resulting in a faster or slower execution.

Enable the algo to aggress into BNP Paribas liquidity if, and only if, the BNP Paribas price is better than the market price.

Allows your iX order to be matched off against other orders in the iX orderbook.

Once the working size amount is filled, the order will automatically suspend and await user input to resume.

Dealt CurrencyProtection: instructs the algorithm

to stop executing at a worse rate than the indicated value.

At Best: The algorithm will target the best price in the market

regardless of the current rate.

Limit: The algo will not execute at a rate worse than the indicated rate.

Slippage: The algo will compute the limit price by applying the

specified slippage (in pips) to the far-touch of the market.

Avg All-In: The algo will execute in a manner to ensure that the

overall average executed rate is no worse than the indicated value.

VIPER An adaptive, fast-paced Passive / Aggressive algorithm designed

to work mid to large size orders into the market, whilst minimising

market impact.

FAST_AND_AGGRESSIVE • ADAPTIVE_LIQUIDITY • MINIMISES_MARKET_SIGNALS

[email protected]


VIPERAggressive, adaptive algorithm designed to work mid to large orders into the market. The objective of Viper is to break up a block order into smaller clips and aggress all FX trading venues seeking out optimal price execution. Viper will monitor market movement and adapt its execution strategy between passive and aggressive execution styles. Viper order placement logic is highly randomised to mask any patterns whilst working an order. Its key feature is Smart Agress logic, that will intelligently sweep liquidity across all FX trading venues while minimising any market signals.

Period (in seconds) after aggressing the market again after a clip was filled.

When a stop condition is reached, the algo can immediately fill in the remaining balance of your

iX order or stop any further execution and cancel the order.

The amount that will be shown passively in the market. It is only

available for Automatic Clip Size Mode.

Automatic: will allow the algo to determine order size based on the available liquidity on the ECN’s at the reference market ‘top of book’ price.

Manual: allows the user to override the auto order size logic, allowing a fixed order size to be specified that the algo will aggress across all markets.

Represents how frequently the strategy will send new aggressive clips into the market.

Automatic: the strategy will dynamically adjust the frequency of execution in function of the market impact after each clip.

Manual: enables the user to manually specify the clip interval. The time can vary slightly to help randomise order placement

Dealt CurrencyProtection: instructs the algorithm to stop executing at a worse rate

than the indicated value.








Enables the algo to aggress into BNP Paribas liquidity if, and only if, the BNP Paribas price is better than the market’s.

Allows your iX order to be matched off against other orders in the iX orderbook.

Start the execution by specifying start trigger either as a rate or a time.

IGUANA Designed as an adaptive time-based

algorithm that looks to dynamically work an order on a user-defined schedule. It uses an advanced logic that enables it to react

favourably to market movements, thus capturing opportunities during

the period of execution.

PACED_PASSIVE • FIXED_TIME_WINDOW • DYNAMIC_SPEED

[email protected]


IGUANAIguana is an adaptive time-based algorithm that looks to dynamically work an order based on a user-defined schedule. Similar to TWAP characteristics, Iguana uses advanced logic that enables it to react favourably to market movements. It adapts the speed of execution based on a user-defined end-time or duration, and looks to passively fill an order while constantly adapting to the market environment.

End the execution by specifying an end time or duration.

Dealt Currency

Defines the start time of the strategy.

The user has the option to end the execution by specifying an end time or duration. The minimum duration is 1 minute.

When reached the algorithm will stop any further execution and cancel the order.

Represents the maximum amount executed in the next rapid fill usage. Once this maximum amount has been executed, the strategy will revert to its normal behaviour.

Enables the algo to aggress into BNP Paribas liquidity if, and only if, the BNP Paribas price is better than the market’s.

Protection: instructs the algorithm to stop executing at a worse rate









The strategy dynamically adapts the execution speed to achieve

the targeted volume.

Allows your iX order to be matched off against other

orders in the iX orderbook.

TWAPThis is a simple algorithm that divides the order execution into

time slices with the aim of filling an even specific amount in each slice

(using BNP Paribas liquidity).

(Time Weighted Average Price)

AGGRESSIVE • BNPP_LIQUIDITY • FIXED_TIME_WINDOW

[email protected]


TWAP (Time Weighted Average Price)

TWAP is a simple algorithm that divides the order execution into time slices with the aim of filling an even specific amount in each slice. TWAP simply takes a start time and an end time and works the order into the market, minimising the noise created in the marketplace. The algorithm sources liquidity from a competitive BNP Paribas price stream and guarantees execution regardless of market conditions.

Choose to end the strategy at a fixed time or after a certain period of time. The minimum duration is 1 minute.

Choose to extend the duration of the algo with the aim of filling the total amount.

In automatic mode, the clip size is determined based upon the

total amount and duration.

If the clip size is specified in manual mode, the duration will be deduced from the input clip

size and the total amount.

Protection: instructs the algorithm to stop executing at a worse rate









Allows your iX order to be matched off against other oders in the iX orderbook.

Dealt Currency

*Coming soon

GAMMA*Designed to efficiently revamp the management of your live gamma profile. Augmented within

the algorithm; iX Momentum Seekeroptimises spread capture during periodsof volatility, whilst the iX Smart Modefeature enhances performance around

technical support and resistance levels in the market.

[email protected]


GAMMAGamma interprets your delta profile, gamma position or order ladder and manages the position accordingly. It does so by re-pegging your positioning throughout, while concurrently maximising spread capture at the relevant levels.

User can protect against key levels in the market.

Import non-linear gamma profiles.

How often in pips the user would like to hedge their delta.

User only need to specify two of the three parameters; and the third can be calculated as a function of the other two.

How much the user would like to hedge at each interval.

When market momentum is detected the algo will cease executing take-profit orders according to the prescribed schedule, instead placing larger accumulated orders.

The reference for which all orders are placed.

The range in which the algo will be active.

PERFORMANCESTATS

[email protected]


PERFORMANCE STATS (2017)• In recent years, the adoption of FX Execution Algorithms has continued to steadily increase.

• All three iX algorithms (Chameleon, Viper and Iguana) have shown encouraging performance against market benchmarks*, especially against the risk-transfer-price.

• BNP Paribas’ most popular FX algo is Chameleon, accounting for 69% of total algo volume executed.

*Arrival Price represents the bid/offer price (bid for sell orders, offer for buy orders) of the reference market at the start of the execution. Risk Transfer Price represents the risk-transfer price offered by BNP Paribas’ market making franchise for the amount at the start of execution. TWAP represents the reference market bid/offer twap (bid for sell orders, offer for buy orders) over the duration of the execution.

IGUANA

(SD = Standard deviation)(Performance)

34M$Average Size

SD: 0.04bp

0.61bpTWAP

SD: 0.06bp

-2.18bpArrival PriceRisk Transfer Price

4.23bp

SD: 0.08bp

47%Passive Fills

47M$Average Size

SD: 0.07bp

0.43bpTWAP

SD: 0.26bp

-1.38bpArrival PriceRisk Transfer Price

4.38bp

SD: 0.29bp

21M$Average Size

SD: 0.15bp

-0.33bp TWAP

SD: 0.12bp

-1.09bp Arrival PriceRisk Transfer Price

1.20bp

SD: 0.08bp

CHAMELEON

VIPER

3%Passive Fills

53%Passive Fills

0h 14m 32s

0h 0m 30sAverage Duration

1h 6min 34sAverage Duration

Average Duration

[email protected]


Year of 2018

EUR/USD USD/JPY, AUD/USD, NZD/USD, USD/JPY, EUR/JPY, USD/CAD

EUR/GBP, GBP/USD EUR/NOK, EUR/SEK, USD/NOK, USD/SEK, EUR/CHF, USD/CHF

USD/MXN,USD/ TRY, USD/ZAR

MILLIONS

PAIR

0

30

70

15

45

85

5

35

75

20

60

50

90

100

120

110

130

140

10

40

80

25

65

55

95

105

125

115

135

145150

RiskTransfer AlgoX/RiskTransfer AlgoX/VoiceAlgoX

HEATMAP & CURRENCIES SUPPORTED

CURRENCIES SUPPORTED

Chameleon, Viper, Iguana

TWAP

EM CrossesSGD/NOKSGD/SEKSGD/DKKNOK/MXNSEK/MXNDKK/MXNAUD/ZARCAD/ZARCHF/ZARGBP/ZARNZD/ZARZAR/JPYEUR/TRYAUD/TRYCAD/TRYCHF/TRYGBP/TRYNZD/TRYTRY/JPYAUD/HUFCAD/HUFCHF/HUFGBP/HUFNZD/HUFUSD/HUFJPY/HUFAUD/CNHCAD/CNHCHF/CNHCNH/JPYEUR/CNHGBP/CNHNZD/CNH

G10 DirectsEUR/USDUSD/CHFUSD/JPYEUR/CHFEUR/JPYGBP/USDAUD/USDNZD/USDUSD/CADEUR/SEKEUR/NOKEUR/DKKEUR/GBPG10 CrossesEUR/AUDAUD/JPYAUD/NZDGBP/AUDAUD/CADAUD/CHFCAD/JPYEUR/CADGBP/CADCHF/JPYGBP/CHFGBP/JPYEUR/NZDGBP/NZDNZD/JPYNOK/SEKCAD/CHFNZD/CHFUSD/SEKUSD/NOKUSD/DKKGBP/DKKGBP/NOKGBP/SEKCHF/DKKCHF/NOKCHF/SEKDKK/JPYNOK/JPYNZD/CADSEK/JPYAUD/NOKAUD/SEKAUD/DKKCAD/NOKCAD/SEK CAD/DKKNZD/NOK NZD/SEK NZD/DKK

EM DirectsUSD/MXNUSD/SGDUSD/HKDUSD/ILSEUR/CZKEUR/PLNEUR/HUFUSD/CNHUSD/ZARUSD/TRYEM CrossesEUR/MXNAUD/MXNCAD/MXNCHF/MXNGBP/MXNNZD/MXN MXN/JPYSGD/AUDSGD/EURSGD/CADSGD/CHFSGD/GBPSGD/NZDSGD/JPYEUR/HKDAUD/HKDCAD/HKDCHF/HKDGBP/HKDNZD/HKDHKD/JPYEUR/ILSAUD/ILSCAD/ILSCHF/ILSGBP/ILSNZD/ILSILS/JPYAUD/CZKCAD/CZKCHF/CZKGBP/CZKUSD/CZKCZK/JPYAUD/PLNCAD/PLNCHF/PLNGBP/PLNNZD/PLNUSD/PLNPLN/JPYEUR/ZAR

EXECUTION VENUES

[email protected]


EBS GAIN CAPITAL

SPOT CMEEBS DIRECT

PARFX

LMAX EXCHANGE

DUKASCOPY

REUTERS

HOTSPOT

INTEGRAL

FXALL

FAST MATCH

CURRENEX

CUREX GROUP

MIDVENUES

EXECUTION VENUESCORTEX iX utilises smart logic that is able to optimise order routing across multiple execution venues. The logic is used to maximise likelihood of execution whilst targeting the best price available in the market.

IX MATCH BNP PARIBAS 360T

R5FX

EXECUTION AND ALPHA SOLUTIONS

[email protected]


EXECUTION ANALYTICS PLATFORMThe Execution and Alpha Solutions team provides both strategic and technical analytics services to assist our clients in making informed execution decisions. Our process combines product expertise with an in-depth grasp of market liquidity structure, while additionally accounting for a variety of trade factors. Examples of such factors include trade rationale - spanning the spectrum from alpha generation to passive hedging - as well as the timing and urgency across markets of different liquidity conditions and electronic maturity.

Tailored execution and liquidity analysis

on the back of client-specific requests.

In-depth dialogue and client-specific

delivery

All accessible on CORTEX

Team members available to discuss strategic and

technical questions around execution and TCA.

Market liquidity updates. White Papers: Empirical studies

and newsletters. Access through email and

CORTEX Insight - Liquidity Lab

Pre-trade market impact and

cost estimator for iX. Access through

CORTEX Insight - Pre-trade

KEEPING CURRENT

TAILOR- MADE

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Legal Notice: This document is CONFIDENTIAL AND FOR DISCUSSION PURPOSES ONLY; it constitutes a marketing communication and has been prepared by a Sales and Marketing function within BNP Paribas for, and is directed at, (a) Professional Clients and Eligible Counterparties as defined by the European Union Markets in Financial Instruments Directive (2004/39/EC) (“MiFID”), and (b) where relevant, persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and at other persons to whom it may lawfully be communicated (together “Relevant Persons”). Any investment or investment activity to which this document relates is available only to and will be engaged in only with Relevant Persons. This document is not intended for Retail Clients as defined by MiFID and should not be passed on to any such persons. Any person who is not a Relevant Person should not act or rely on this document or its content. As a confidential document it is submitted to selected recipients only and may not be reproduced (in whole or in part) to any other person without written consent.

This document does not constitute an offer or a solicitation to engage in any trading strategy, to purchase or sell any financial instruments or to enter into any transaction. Given its general nature, the information included in this document does not purport to contain all the elements that may be relevant for a recipient to make an informed decision in relation to any strategy, financial product or transaction discussed herein. To the extent that any transaction is subsequently entered into between the recipient and BNP Paribas, such transaction will be entered into upon such terms as may be agreed by the parties in the relevant documentation.

The information contained in this document has been obtained from sources believed to be reliable, but BNP Paribas makes no representation, express or implied, that such information, or any opinions based thereon and contained in this document, are accurate or complete and they should not be relied on as such. Other financial institutions or persons may have different opinions or draw different conclusions from the facts or ideas relevant to this document. Any scenarios, assumptions, historical or simulated performances, indicative prices or examples of potential transactions or returns are included for illustrative purposes only. Past performance is not necessarily indicative of future results. BNP Paribas gives no assurance that any favourable scenarios described are likely to happen, that it is possible to trade on the terms described herein or that any potential returns illustrated can be achieved. BNP Paribas is further under no obligation to update or keep current the information contained in this document.

In providing this document, BNP Paribas offers no investment, financial, legal, tax or any other type of advice to, nor has any fiduciary duties towards, recipients. Certain strategies and/or potential transactions discussed in this document may involve the use of derivatives which may be complex in nature and may give rise to substantial risks, including the risk of total or partial loss of any investment or losses without limitation and which should only be undertaken by those with the requisite knowledge and experience. BNP Paribas makes no representation nor gives any warranty as to the results to be obtained from any investment, strategy or transaction, nor as to whether any strategy, security or transaction discussed herein may be suitable for recipients’ financial needs, circumstances or requirements. Recipients must make their own assessment of such strategies, securities and/or potential transactions detailed herein, using such professional advisors as they may require. BNP Paribas accepts no liability for any direct or consequential losses arising from any action taken in connection with or reliance on the information contained in this document even where advised of the possibility of such losses.

As an investment bank with a wide range of activities BNP Paribas may face conflicts of interest, which are resolved under legal provisions and internal guidelines. You should be aware, however, that BNP Paribas may be long or short, for its own account or as agent, in investments, transactions or strategies referred to in this document or related products before the material is published to clients and that it may engage in transactions in a manner inconsistent with the views expressed in this document, either for its own account or for the account of its clients. Additionally, BNP Paribas within the previous twelve months may have acted as an investment banker or may have provided significant advice or investment services to companies or in relation to investments mentioned in this document. Laws and regulations of countries may restrict the distribution of this document. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly.

BNP Paribas London Branch, 10 Harewood Avenue, London NW1 6AA; tel: +44 (0)20 7595 2000; fax: +44 (0)20 7595 2555 (www.bnpparibas.com). Incorporated in France with Limited Liability. Registered Office: 16 boulevard des Italiens,75009 Paris, France. 662 042 449 RCS Paris. BNP Paribas London Branch is lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNP Paribas London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas London Branch is registered in England and Wales under no. FC13447. © BNP Paribas. All rights reserved.

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FX ALGORITHMIC EXECUTION SERVICES · Clients trading via Multi-Dealer Platforms (MDP) often...

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