FX technology arms race: the battle for market share

Seismic shifts in the foreign exchange industry as a result of the credit crisis has opened up the competitive playing field to rivals willing to invest in technology.

Watch video roundtable: the FX technology arms race

The technology arms race is gathering pace, as the foreign exchange industry enters a period of recovery and IT budgets rebound, bringing a shift in the winners and losers of foreign exchange dealing.

Before the outbreak of the credit crisis, there appeared an unstoppable set of top foreign exchange providers, with their key differentiator being operational efficiency. But as markets scaled back and risk appetite shrank, a pool of second-tier dealers have piled in to capture a growing share of the market. Central to their strategy is the intelligent use of technology to improve liquidity, risk management, trade processing and, in turn, pricing to customers.

In this video, sponsored by WallStreet Systems, the roundtable participants will explore the ways this can be achieved, and how the FX trading landscape is being redefined to offer new opportunities for dealers.

Panellists will discuss the challenges of implementing a successful electronic commerce strategy that reduces risk and costs, while ensuring profitability and market share. They will look at the necessary infrastructure on the front to back end of the business and also discuss the differing challenges for the Tier I versus the smaller banks.

The roundtable discussion is hosted by Incisive Media managing director, and former Risk magazine editor Matthew Crabbe. Panellists include:

Jeremy Hill, head of foreign exchange & money market operations, RBS Global Banking & Markets

Jeremy Hill is the head of foreign exchange & money market operations at RBS Global Banking & Markets. Based in London, he is responsible for the full range of FX & MM products including options, and manages approximately 400 staff based in four hub locations - Chicago, Newcastle-Under-Lyme, Chennai and Singapore - as well as numerous branch offices around the world. Previously, Jeremy held roles at Credit Suisse in Asia, focused on investment banking, private banking and wealth management new business initiatives for South-east Asia, China and Korea; Bankers Trust in London managing its interest rate derivative settlements operations; and JP Morgan in various front and back office functions.

Ralph Silva, director & broadcast analyst, Silva Research

Ralph works at the company's London office, where he covers the strategic imperatives of the financial services industry. Ralph is a prominent broadcaster widely recognised for his work on the BBC, CNN, CNBC and Bloomberg TV as well as radio outlets such as the BBC World Service, NPR, Radio 4, Bloomberg Radio and Radio 5 Live. He focuses his research on the primary issues affecting diversified global banks, including channel management, branding and marketing, strategic imperatives, CRM, cross-border issues, global regulations, sourcing, industry consolidation and payments. Ralph has more than 22 years of global experience, most of which as an investment banking professional.

Prior to SRN, Ralph was with TowerGroup/Corporate Executive Board, where he covered cross-industry issues focusing on Europe and Asia. Prior to TowerGroup/Corporate Executive Board, Ralph held various positions with investment banking firms, where he was responsible for business development positions within technology and financial services divisions. In addition to his broadcasting experience, Ralph also presents at many industry shows including SIBOS, European Banking industry fair, CBIT, FinExpo and many others.

Stéphane Malrait, managing director and global head of e-commerce, Societe Generale

Based in London, Stéphane joined Societe Generale in August 2007 to lead its e-commerce initiatives across credit, rates and foreign exchange products and continue the effort to develop on the FICC Group's cross-asset e-commerce strategy. Previously, Stéphane has worked at JP Morgan Chase for 10 years based in New-York and London, working in different roles in global FX e-commerce business management and cross-asset e-commerce technology. Stéphane is also a board member for several e-trading market initiatives.

Mike Thrower, director, banking business development, Wall Street Systems

Mike has more than 20 years' experience in financial markets technology, having held senior roles in IT at Credit Suisse and JP Morgan. Previously, Mike held roles as sales and marketing director of Cognotec, and director at TSB Hill Samuel Bank, where he was responsible for trading and risk management technology. He has an honours degree in banking and finance from UCNW Bangor. At Wall Street Systems, Mike leads a global team of senior banking sales and product executives with deep levels of industry experience.

Watch the video: The FX technology arms race