German lender, Commerzbank AG has partnered with BidFX, a provider of forex trading solutions for institutions, to make the bank’s five FX algorithmic strategies available on BidFX’s platform.
Tuesday’s announcement detailed that the German bank’s clients can now directly access its FX algorithms on BidFX.
Commenting on the development, Nickolas Congdon, Head of eTrading services at Commerzbank, said: “Commerzbank welcomes the opportunity to increase our electronic distribution of our FX orders service on BidFX. This allows us to continue to provide advanced technology, unique Liquidity and analytics to our mutual clients.”
Expanding into the Institutional FX Market
Founded in 2017, BidFX is expanding aggressively to capture the institutional FX market and now has offices in different locations around the world including London, New York, Singapore, Sydney and Milan.
Owned by the Singapore Exchange (SGX), BidFX offers an array of services within the FX trading industry. The company has partnered with several trading providers, including Global Prime, State Street and Nomura, and enhanced its Trading Platform with the latest data and analytics suite.
In addition, the company launched its flagship desktop forex trading application on OpenFin, an operating system for the financial industry, last September.
“It’s exciting to see the continued growth of our global relationship with Commerzbank via the integration of their algo suite, which is largely being driven by our asset management clientele,” said Rory Sheen, Head of DACH Sales at BidFX.
“As buy-side market participants continue to increase their usage of FX algos to source the best liquidity and execute efficiently for their end investors, Commerzbank’s algo strategies are a welcome addition to the BidFX algo hub.”
