Thomson Reuters launched on Monday an aggregation and algorithmic trading capability for users of its foreign exchange dealing platform in a push to improve its services to buy side customers.
"The tools deliver a level of intelligence and control that supports management of the most sophisticated algorithmic trading strategies across multiple venues simultaneously," said Jas Singh, Global Head of Treasury at the news and information provider, whose markets division competes mainly with Bloomberg LP. In aggregation, Thomson Reuters' new product will compete with CLS Bank, seen as the leading provider in the sector.
Mr. Singh said aggregation was growing in the FX market across all customer segments.
Forex aggregators receive orders from various players, feeding that data into algorithmic engines and routing them into the $4 trillion a day FX market.
By presenting the liquidity in a single and consolidated order book, aggregators act as a virtual exchange for traders on the buy-side, which covers portfolio managers, pension funds and asset management companies.