What we do in eTrading
We advise banks and trading firms across the full eFX stack — from the strategic question “what role do we want to play in electronic FX” to the operational detail of “how many microseconds of latency can we squeeze out of the pricing engine”.
Most mandates fall into one of these categories: building a new platform generation, migrating from legacy to a modern architecture, targeted optimisation of individual components (pricing, hedging, risk), or strategic repositioning of the eFX offering in light of changed client demands.
Concrete topics
Platform strategy. Which market segments do you want to serve? Which products (spot, forwards, swaps, NDFs, options) belong in the electronic channel? Which client tiers, which competitive positioning? These are not technical questions — and precisely for that reason they often get the wrong answers.
Architecture and technology selection. Pricing engine, aggregation, smart order routing, automatic hedging (back-to-back or position-based), limit order management, FIX connectivity, risk reporting. We know the market-standard solutions and which components you should buy, white-label or build yourself.
Connectivity to multi-dealer platforms. Pricing into FXall, 360T, Bloomberg, FXSpotStream, EBS — each venue has its own conventions, latency profile and client base. We help with prioritisation, integration and ongoing hit-ratio optimisation.
Algorithmic execution. TWAP, VWAP, implementation shortfall, internal crossing, liquidity seeking — the algo landscape is getting more complex, and clients increasingly expect transparency on execution quality (TCA). We support building out the algo suite and integrating transaction cost analysis.
Regulatory topics. MiFID II best execution, FX Global Code, EMIR reporting, clearing topics for NDFs and options. These themes often surface late in project plans — we build them in early, so compliance is not an afterthought.
Our perspective
We come from the trading floor. Stefan spent nearly three decades at BNP, Dresdner Kleinwort and Commerzbank — as FX sales, FX structurer and early driver of the eFX business. Enrico built eTrading platforms and led FX risk-management solutions such as UCHedge and Kristall as Managing Director at UniCredit.
That means: we are not generalist consultants who pick up FX as one of many topics. We know the market structure, the typical bottlenecks in a trade lifecycle, and the vendor landscape from first-hand experience. When a vendor claims their pricing engine is “state of the art”, we know what that statement actually means — or doesn’t.
How an engagement starts
Most mandates begin with a concrete trigger: a platform decision is pending, a project has stalled, or management wants an external second opinion on strategy. We start with a workshop (one to two days), understand the status quo, identify the critical questions and jointly prioritise next steps. From this emerges a mandate scope that’s as large or small as the topic requires.