When the global pandemic moved trading desks from the floor to individual living rooms, kitchens and bedrooms all around the world, the quest for automation quickly moved up the agenda. Using technology to improve order processes, workflows and execution standards while reducing human error is a huge driver for automation and our members are exploring what aspects of their FX workflow lends itself to automation.
Naturally, buy side leaders are keen to take advantage. However, members have ran into some major challenges, not least the lack of trust and fear of losing control through automation. Beyond this, major building blocks need to be put in place before any buy side leader can make their automation dreams a reality, such as obtaining reliable and quality data, overcoming trade governance processes, the (lack of) quality of legacy technology and clarity on what can be automated and what needs to retain the human touch.
To help overcome some of these issues and better understand how buy side leaders are embracing automation across their FX trading desk, The Finance Hive and recommended partner FX Connect hosted a Digital Boardroom for a select group of head traders and technologists to brainstorm, benchmark and share experiences.
The conversation focused on three main themes:
- Automation as defined by the group
- The barriers and how can they can be overcome
- The key building blocks, controls and processes you need to have in place to make automation a success
It is beneficial to embed the trading desk within dealer implementation and portfolio management teams to aid the understanding off what you are trying to achieve through your transactions, which then feeds what you can and cannot automate.”
To read more, download the report to view the full findings. Thank you to our recommended partner for moderating the discussion: