The dust has settled on another fantastic FullFX London, and for those who couldn’t make it, you missed a day packed with insightful debate and forward-thinking discussions. The event, held at the historic Plaisterers’ Hall, brought together the brightest minds in foreign exchange to tackle the industry’s most pressing questions. As the coffee break sponsor, we at smartTrade were delighted to fuel the conversations and connect with so many of you.

Two of the most exciting and recurring themes of the day were the convergence of TradFi and DeFi and the evolution of the FX Swaps market. While the crypto space is often associated with volatility and speculation, the conversations at FullFX London painted a much more nuanced and promising picture. It’s a tale of two markets, each with its own lessons and opportunities, rapidly learning from one another. Supporting the electronification of swaps workflow is close to our hearts at smartTrade, and so we were glad to see progress is being made here in terms of underlying credit and matching support.

The Swaps Market: Circling the Solution

The “FX Swaps Market Structure 2025 and Beyond” panel was particularly energizing, addressing what many of us have been watching closely for years. The pieces are finally coming together for meaningful transformation in this space. As one panelist aptly put it, we’ve been “circling around” the solution for some time, but the momentum is now undeniable.

The discussion centered on the evolution from soft match to hard match capabilities, the expanding role of clearing houses, and the critical importance of API accessibility for driving automation. What struck me most was the recognition that while many banks have the capability to automate FX swaps, only a few have actually done so. This isn’t a question of technical feasibility but rather one of prioritization and investment. The tipping point may well come from a regulatory driver, but the infrastructure is increasingly ready.

At smartTrade, we’ve been at the forefront of enabling this electronification journey. As one of the first vendors to support ESP swaps aggregation and distribution, we’ve been instrumental in helping banks navigate this transition from its earliest stages. Our technology supports banks in building the connectivity and automation frameworks necessary to participate effectively in the evolving swaps market. The challenge isn’t just about speed—though our ultra-low latency capabilities certainly matter—it’s about providing the right tools for banks to price electronically into order books, manage their exposure across multiple venues, and ultimately deploy algos when the liquidity depth justifies it.

The panel highlighted a crucial insight: with approximately 250 value dates along any curve, the swaps market will never be as “spotified” as the cash market. This complexity demands sophisticated technology that can handle diverse liquidity sources, flexible credit arrangements, and nuanced execution strategies. Voice brokers will continue to play an important role, particularly for longer-dated and more complex structures, but the short end of the curve presents a clear opportunity for automation and efficiency gains.

What’s particularly exciting is the diversity of liquidity now coming online. It’s not just the tier-one banks anymore; regional banks and specialist players are looking at specific areas of the curve and particular currency pairs. This fragmentation of liquidity providers actually creates opportunity, but only if the technology infrastructure can aggregate and access that liquidity efficiently. That’s precisely where smartTrade’s expertise in aggregation, pricing, and distribution becomes invaluable.

The conversation around clearing houses also revealed both promise and caution. While clearing can reduce margin requirements and extend credit capacity, there’s a real risk of fragmenting the market if multiple clearing solutions emerge without interoperability. The industry needs to be thoughtful about how these solutions are implemented to ensure we’re building bridges, not silos.

The Real Revolution is in the Rails

During the “Future of FX Trading” panel, I had the pleasure of sharing smartTrade’s perspective on where the true value of this new technology lies. It’s easy to get caught up in the excitement of cryptocurrency trading, but the real game-changer is the underlying technology and its potential to revolutionize the world of payments. We often hear about the more sensational aspects of crypto, but we should embrace the possibilities that stablecoins and tokenized deposits offer.

This technology is poised to drastically reduce the costs associated with cross-border payments. This is especially significant for emerging economies where trust in existing institutions may be low and high fixed costs on traditional payment rails make small transactions prohibitively expensive. Even in more developed economies, the ability to make micropayments at minimal cost opens up a world of interesting new use cases. By moving away from the old payment rails, we can also free up the billions of dollars currently held dormant in Nostro accounts, injecting that capital back into the global economy.

Learning from the Past to Build the Future

The “Just Like FX in the 90s” panel drew fascinating parallels between the early days of the electronic FX market and the current state of the digital asset space. The fragmented liquidity, the absence of robust settlement infrastructure, and the challenges in credit tracking are all reminiscent of the hurdles the FX industry overcame decades ago. The key difference? Crypto started with retail and is now attracting institutions, whereas FX evolved in the opposite direction. This presents a unique opportunity for the FX community to bring its hard-won expertise in market structure, compliance, and risk management to this new frontier.

Technology as the Engine of Change

The “Talking Tech” series delved into the role of Artificial Intelligence in our industry. The consensus was that while AI is not yet ready to take over the trading desk, it is already proving invaluable as a tool for enhancing efficiency. From data visualization to automating internal processes, AI is helping firms to better understand their data and serve their clients more effectively. The conversation has moved beyond the hype and is now focused on practical applications that deliver real value.

The ongoing debate around pre-hedging and market conduct further underscored the industry’s commitment to fairness and transparency. As technology continues to evolve, so too will the standards and best practices that govern our markets. Transparency in execution costs is becoming increasingly critical, and the technology platforms that can provide clear, auditable evidence of performance will be the ones that win client trust.

smartTrade: Your Partner in the New FX Landscape

FullFX London 2025 was a powerful reminder that the worlds of FX, swaps, and digital assets are not just colliding, but are actively shaping each other’s future. At smartTrade, we are excited to be at the heart of this transformation, providing the technology that enables banks and brokers to navigate this complexity with confidence. Whether it’s building the API connectivity that powers electronic swaps trading, providing the aggregation engines that access fragmented liquidity, or delivering the ultra-low latency execution that institutional clients demand, we’re focused on solving real-world problems.

The future of FX is not about choosing between the old and the new, but about intelligently integrating the best of both worlds. It’s about leveraging new technologies to create a more efficient, transparent, and accessible financial system for everyone. We look forward to continuing the conversation and working with you to build that future together.

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Don’t miss this chance to connect with industry leaders at the largest trading summit in Africa, gain invaluable insights, and engage in insightful conversations.

To schedule a meeting, reach out to our sales director, Catherine Bran, (cbran@smart-trade.net) to discuss strategic insights and collaborative opportunities during the conference.

We look forward to seeing you there!

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smartTrade was pleased to participate and sponsor the Full FX Scandinavia event as well as host a well-attended client dinner in Copenhagen.

Several key themes emerged: market structure evolution, the drive for efficiency and better client service, optimizing execution and risk, and deepening client relationships. The overarching message was clear: adaptation and innovation are strategic imperatives.

Technology & Regional Banks: Partnerships Drive Growth

A core discussion, particularly in the “Staying in the Race” panel, addressed challenges faced by regional banks. The technology race continues unabated, making extensive proprietary system builds unviable for regional players managing growing client bases under cost pressure.

The solution increasingly lies in sophisticated partnerships, evolving from traditional white-label models. Banks seek partners offering integrated workflow solutions to address legacy tech and streamline the trade lifecycle. Success requires a mindset shift towards new operating models and diligent evaluation, recognizing strategic technology investment is vital for competitiveness. Finding the right number of liquidity providers was also discussed – enough for resilience and pricing, but not so many as to fragment flow or increase leakage.

Transparency, Performance, and Quantifying Value

Sessions highlighted increasing client demand for transparency, now keenly focused on system performance and resilience, especially during volatility. A platform’s ability to maintain performance during data spikes directly impacts client execution quality and cost.

This shifts client focus beyond basic connectivity to value-add: robust, low-latency, stress-tested platforms providing sophisticated data analytics to quantify execution costs. Tech providers are expected to be partners, offering insights and modular solutions that integrate and enhance user experience.

While the Global Code standardises LP conduct, a lack of standardised tech provider performance metrics was noted. This challenges bank evaluation but offers providers differentiation through clear, auditable data. The market bifurcation was also implicit: non-banks dominate primary pricing, with banks leveraging these markets and technology for their client-facing, credit-intermediated business.

AI in FX: The Latest Evolution

My participation on the panel  “AI in FX: Game Changer or Latest Evolution?” explored AI’s practical impact. While not yet a disruptive “game changer” for core trading decisions for most, AI is undeniably the “latest evolution,” bringing significant current benefits.

Opportunities discussed included:

• Enhanced Efficiency: Automating repetitive tasks (e.g., platform config, operational workflows), freeing human resources for higher value.
• Improved Risk/Client Insights: Analyzing data for pattern identification, flow trend prediction (netting), nostro optimisation, and client segmentation (upsell, issue detection). smartTrade’s Copilot is in production, providing client activity summaries and automated translation.
• Augmented Decision Making: Acting as a co-pilot, rapidly processing data to suggest trading signals or optimise liquidity settings based on performance.

Challenges like data quality, bias, regulation, and the “black box” were acknowledged. Potential for AI dominance/herding necessitates robust safeguards and human oversight. Distinguishing true AI from simple automation is also crucial for realistic expectations.

The consensus was AI currently complements human expertise. It handles data-intensive analysis, allowing humans to focus on strategic judgment, relationships, and market nuance.

Concluding Thoughts

Full FX Copenhagen 2025 depicted a dynamic market. For Heads of FX Trading and Sales, success relies on proactive technology adoption and strategic partnerships. This means:

• Evaluating tech on demonstrable efficiency/client service improvements, not just connectivity.
• Seeking partners providing robust platforms who collaborate on change/regulation.
• Leveraging data/analytics for insights into dynamics, execution, and client behavior.
• Strategically integrating AI for automation, enhanced analysis, and personalized interactions, ensuring responsible development/oversight.

The market demands greater transparency and performance from technology. By embracing innovation and forming the right alliances, FX professionals can navigate this landscape, optimize operations, and serve clients effectively.

For further discussion on these topics or smartTrade’s trading and payments solutions, please feel free to contact me. I welcome the opportunity to connect. 

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Don’t miss this chance to connect with industry leaders at the transaction banking industry’s premier bank-to-bank event, gain invaluable insights, and engage in insightful conversations.

To schedule a meeting, reach out to the smartTrade team, Chris Gibson (cgibson@smart-trade.net), Michael Mini (mmini@smart-trade.net) and Sasha Kumar (skumar@smart-trade.net), to discuss strategic insights and collaborative opportunities during the conference.

We look forward to seeing you there!

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The smartTrade team will be present to explore innovative technologies and topics that are shaping the world of FX trading. Don’t miss this chance to connect with industry leaders, gain invaluable insights, and engage in insightful conversations.

Our Director of Sales Enablement and Marketing, John Stead, will also be speaking on the panel discussion titled “Staying in the Race.” 

To schedule a meeting, please reach out to our sales team, Catherine Bran (cbran@smart-trade.net) and Antonio Guerra (aguerra@smart-trade.net).

We look forward to seeing you there!

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A Recap of smartTrade’s Participation and Industry Insights

TradeTech FX USA 2025 in Miami was a whirlwind of discussions, networking, and exciting developments in the world of FX trading technology. As a key participant, smartTrade Technologies was at the forefront of many conversations, particularly around workflow automation and the evolving landscape of cloud hosting.

Workflow Automation: Panel Highlights

I had the opportunity to join a panel discussion titled “Workflow Automation: How can you leverage the latest EMS & workflow technology offerings to streamline processes and increase efficiencies on your desk?”. The discussion was lively and insightful, with key themes emerging around the modernization of post-trade technology, the challenges of choosing the right technology providers, and the growing applicability of advanced trading tech for the buy-side.

Modernizing Post-Trade: A Competitive Advantage

One of the most compelling takeaways was the increasing importance of post-trade technology as a differentiator. Historically, the back office has been viewed as a cost center. However, as our panel discussed, innovative banks are now leveraging post-trade technology to unlock efficiencies and enhance the client experience. By integrating front, middle, and back-office systems, firms can automate processes, reduce operational risk, and improve transparency.

smartTrade has been instrumental in helping clients achieve this. For example, one Swiss bank was able to significantly reduce costs and manual touchpoints by consolidating trade amendment, allocation, and cancellation processes within our LiquidityFX trading platform. This not only streamlined operations but also empowered sales teams and end clients with greater control and visibility.

Choosing the Right Provider: A Multi-Asset Perspective

The panel also explored the challenges of selecting technology providers in a multi-asset world. While some vendors claim to offer a “one-size-fits-all” solution, the reality is that different asset classes often have unique requirements.

At smartTrade, we recognize this. While we are best known for our FX solutions, we also offer specialized platforms for derivatives, payments, cryptocurrencies, and precious metals. Our modular approach allows clients to select the best-of-breed components for their specific needs, ensuring optimal performance and flexibility.

Empowering the Buy-Side: Direct Connectivity and Control

Another key trend highlighted was the buy-side’s increasing demand for greater control and transparency in their trading operations. Direct connectivity to liquidity providers, advanced execution management systems, and sophisticated TCA tools are becoming essential for asset managers seeking to optimize performance and meet regulatory requirements.

smartTrade’s EMS platform is specifically designed to empower the buy-side. With direct connectivity to over 130 liquidity providers, our platform eliminates the need for costly intermediaries and provides a clear view of execution costs. This allows asset managers to achieve best execution and make informed decisions about their trading strategies.

Cloud Hosting: Embracing Flexibility

Beyond the panel discussion, a major theme at TradeTech FX USA was the evolving landscape of cloud hosting. While private cloud solutions have traditionally been favored for their security and performance, public cloud offerings are rapidly gaining traction.

smartTrade’s MetaCloud initiative addresses this trend by providing clients with the flexibility to deploy our solutions in any environment – private cloud, public cloud, or a hybrid model. This ensures that clients can choose the infrastructure that best meets their needs, balancing performance, security, and cost considerations.

smartTrade Client and Ecosystem Dinner

The conference also provided an excellent opportunity to connect with clients and partners at our annual client and ecosystem dinner. Held at the beautiful Kiki on the River, the event brought together 40 individuals from 20 different companies for an evening of networking and camaraderie. This event, now in its third year, has become a highlight of the TradeTech FX USA conference, fostering valuable relationships and strengthening our commitment to client success.

Looking Ahead

TradeTech FX USA 2025 provided valuable insights into the trends shaping the future of FX trading technology. As the industry continues to evolve, smartTrade remains committed to delivering innovative solutions that empower our clients to navigate the complexities of the market and achieve their business goals. We’re already looking forward to TradeTech FX USA 2026!

If you would like to know more about any of these topics or just to learn about how we have added value to over 70 banks, brokers, and institutions globally, please get in touch.

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Don’t miss this chance to connect with industry leaders, gain invaluable insights, and engage in insightful conversations. Visit us at booth #28 for a quick chat, or discuss any inquiries you might have.

To schedule a meeting, reach out to our sales team, Emma Hauville (ehauville@smart-trade.net), Catherine Bran-Morales (cbran@smart-trade.net) and Michael Mini (mmini@smart-trade.net), to discuss strategic insights and collaborative opportunities.

We look forward to seeing you there!

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Navigating Complexities in FX Hedging

One of the standout sessions was delivered by Roel Oomen,Head of the Quantitative R&D Lab for Sales and Trading at Deutsche Bank, focusing on “Hedging of Large Risk Exposures.” The session delved into the intricacies of pre-hedging practices, highlighting the nuanced scenarios dealers face when managing large client orders.

Key insights included:

• Conflict of Interest: Dealers often navigate a delicate balance between effectively managing risk and ensuring client interests are protected. Pre-hedging can benefit both parties but may also lead to adverse outcomes if not executed appropriately.
• Market Impact: The session explored how transient and permanent market impacts influence the effectiveness of pre-hedging strategies, emphasizing the importance of understanding liquidity dynamics.
• Regulatory Scrutiny: With significant fines in the past due to mismanagement of pre-hedging activities, the need for clear guidelines and adherence to industry codes is paramount.

At smartTrade, we recognize the importance of sophisticated risk management tools and transparency. Our solutions are designed to help dealers and clients navigate these challenges, ensuring optimal execution while maintaining market integrity.

Upholding Market Integrity with the Global FX Code

Philippe Lintern, Head of Foreign Exchange Division at the Bank of England, provided an insightful overview of the Global FX Code. He underscored the code’s role in promoting best practices, enhancing market integrity, and reducing FX settlement risk.

Key takeaways:

• Importance of Adherence: Market participants are urged to commit to the code to foster a fair and effective market. Broad adoption is essential for maintaining trust and integrity.
• FX Settlement Risk: Despite advancements, settlement risk remains a concern. Lintern highlighted the need for industry-wide action to mitigate this risk, especially in light of shortening settlement cycles globally.
• Call to Action: Firms are encouraged to review and reaffirm their commitment to the code, emphasizing continuous improvement and education.

smartTrade is committed to supporting our clients in adhering to the highest standards. Our platforms are designed with compliance and best practices in mind, ensuring that our clients can operate confidently within the evolving regulatory landscape.

Modern Risk Management in an Electronic World

Lawrence Lau, Global Head of Automated Trading Strategies (CEM) at JPMorgan Chase, discussed the modern approaches to risk management in electronic FX trading. The session covered:

• Evolution of Risk Management: Transitioning from traditional methods to portfolio-based approaches that consider common risk factors across assets.
• Adapting to Competitive Landscapes: With non-bank liquidity providers entering the market, banks must leverage their strengths, such as broad distribution networks and internalization capabilities.
• Technology and Innovation: Emphasizing the role of technology, including API connectivity and automation, in enhancing execution quality and efficiency.

At smartTrade, we are at the forefront of providing advanced electronic trading solutions that empower our clients to adapt and thrive in this evolving landscape. Our technology enables seamless integration, efficient risk management, and access to diverse liquidity pools.

Addressing Liquidity Management Challenges

smartTrade had the privilege of contributing directly to the conversation through participation in the panel discussion titled “Liquidity: The Unanswered Questions in Liquidity Management.” Our Director of Sales Enablement, Strategy and Marketing, John Stead, joined other sell-side experts to tackle practical questions surrounding liquidity management, including:

• Picking the Right Protocols and Platforms: We shared insights on the importance of selecting platforms that align with clients’ needs and sophistication levels. Our perspective emphasized the value of customizable solutions over one-size-fits-all offerings.
• Risk Transfer vs. Algo Trading: The discussion highlighted how clients are increasingly integrating algorithms into their risk management logic, moving beyond manual operations. We underscored how smartTrade’s technology supports this evolution, offering sophisticated algo trading capabilities.
• The Role of Agency Brokers and Market-Making via Resting Passive Orders: While agency broker volumes haven’t shown significant growth, the conversation acknowledged the potential for passive order placement and its impact on liquidity.

Key points from our contribution included:

• Client Access to Liquidity: Over the past three years, we’ve observed shifts in how clients access liquidity, with rationalization of distribution connectors and a focus on aligning markups with channel costs. Platforms like FXSpotStream have become leaders, offering speed and efficiency.
• Prospects for New Platforms: We discussed the incremental benefits of platforms like CME’s FX Spot+, noting that while the market is already well served, innovations that ease access to liquidity are welcome.
• Growth of Single Dealer Platforms (SDPs): There is growing interest among clients to build out SDPs to differentiate from multi-bank platforms. We emphasized that while multi-bank platforms offer good generic product support, SDPs provide tailored solutions that align with clients’ specific workflows and needs.
• Future of Algo Usage: Algorithms are becoming integral to clients’ underlying risk management strategies, not just execution tools. We highlighted the trend towards automating fixing flows and the need for advanced technology to support these developments.

At smartTrade, our mission is to empower clients with flexible, high-performance trading solutions. Our participation in this panel underscores our commitment to addressing the critical challenges in liquidity management and shaping the future of FX trading.

Conclusion

The FXMarkets Europe London event was a valuable opportunity for smartTrade to engage with industry leaders, share insights, and stay at the forefront of market developments. The discussions reinforced the importance of innovation, collaboration, and adherence to best practices in navigating the complexities of the FX market.

As a thought leader in the FX space, smartTrade remains dedicated to providing advanced trading solutions that meet the evolving needs of our clients. We continue to invest in technology, foster industry dialogue, and contribute to shaping a fair, transparent, and efficient FX market.

To learn more about how smartTrade’s solutions can enhance your FX trading and liquidity management, please contact us.

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The smartTrade team will be present to explore innovative technologies and topics that are shaping the world of FX trading, and connect with our industry peers. Visit our booth on the day – we would love to connect! 

Our Director of Sales Enablement and Marketing, John Stead, will also be speaking on the panel discussion titled “Liquidity: the unanswered questions in liquidity management.” 

To schedule a meeting, please reach out to our sales team, Catherine Bran (cbran@smart-trade.net) and Antonio Guerra (aguerra@smart-trade.net).

Join us for some festive smartTrade themed cocktails after the conference. 

We look forward to seeing you there!

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The smartTrade team will be present to explore innovative technologies and topics that are shaping the world of FX trading, and connect with our industry peers. Our Director of Sales Enablement and Marketing, John Stead, will also be speaking on the panel discussion titled “Staying Single: The Future of the Single-Dealer Platform.”

To schedule a meeting, please reach out to our sales team, Catherine Bran (cbran@smart-trade.net) and Antonio Guerra (aguerra@smart-trade.net).

We look forward to seeing you there!

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