Progressive investment in trading technology over the past decade has pitched banks aggressively against one another in an intensifying arms race to offer the best access to FX liquidity. It’s a race that shows no sign of abating any time soon.

Ron Leven, PhD, Head of FX Pre-Trade Strategy, offers thoughts on the trends in vols and their effects.

As the platform revolution sweeps through the foreign exchange markets, some banks have taken a contrarian view of the implications. Chris Knight, head of e-FX trading at Standard Chartered, says that while electronic execution has become a vital market cog, client relations remain paramount.

James Wood-Collins, London-based CEO of Record Currency Management, says the expansion of the FX market, which hit average daily volumes of $5.3 trillion in 2013, is a boost to alpha-seeking funds. However, as dealer participation has stagnated, it has also created challenges.

For a long time the foreign exchange market boasted a depth of liquidity that few other asset classes could claim. Steadily rising trading volume and a resilient market structure meant regulators didn’t really need to worry about the potential for a flash crash or liquidity event in FX.

Damian Glendinning, Singapore-based group Treasurer at PC maker Lenovo, sees two-way volatility in the renminbi (RMB) as a key hedging challenge for the company, and for the market, in the coming period.

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In seeking the most efficient route to market, Axa Investment Managers has made the decision to focus on new trading protocols on an execution management system (EMS).

Thomson Reuters participated in a meeting of US multi- national corporate FX managers March 2014, facilitated by The NeuGroup, a leader in peer knowledge exchange for treasury and finance professionals. One of the goals was to get a read on just how regulatory change in FX markets was impacting corporate FX management processes.

A high-profile investigation into market manipulation has heralded increased scrutiny of FX trading practices and could see major changes to the way the industry operates. But scratch below the surface and the tide may be turning towards a healthier market structure.

As well as a centre for world-class summits and business forums, Ufa is also rapidly making a name for itself as a venue for international sporting events.

Foreign investors will have instant access to a full range of business services and an unparalleled network of contacts when Ufa’s new B2B Centre opens this summer.

Published in conjunction with: The Republic of Bashkortostan

Ufa’s transport, conference and hotel infrastructure is undergoing a dramatic upgrade as the city prepares to host the world in 2015.

The formation of industrial parks and clusters to promote cooperation between Bashkortostan’s leading companies and its growing SME sector constitutes a key plank of the regional government’s plans for economic development.

Prudent fiscal policies and strong fundamentals earned Bashkortostan investment-grade status from the world’s leading rating agencies in 2013.

Bashkortostan’s pristine parks and snow-capped mountains make it a magnet for visitors from Russia and beyond – and offer a wealth of opportunities for investors.

From core industries to SMEs, Bashkortostan’s government is committed to providing the support that businesses need to thrive in a modern global environment. An introduction by Rustem Khamitov, President of the Republic of Bashkortostan.

Bashkortostan’s traditional strengths in petrochemicals, agriculture and machine engineering are providing the springboard for the creation of a new generation of high-tech industries.

Barbados remains a paragon of stability offering solid growth prospects, a stable low-tax regime and a business-friendly environment

Barbados is one of the most diverse economies in the Caribbean. It’s certainly the most robust, drawing in revenues from a wide range of industries (tourism, business services, manufacturing, agriculture), which feed into the region’s most politically and economically stable state.

Ambitious plans to transform the island’s tiny stock exchange into international securities market should further strengthen its position as a financial centre

Published in conjunction with Euromoney Country Risk and the Central Bank of Barbados

A robust and vibrant economy is ready to build on its strengths

Central bank governor DeLisle Worrell explains how Barbados has managed to emerge from the global financial crisis stronger and economically more diverse

Published in conjunction with Bradesco and Banco Itaú

Published in conjunction with: ABN Amro • BNP Paribas • Citi • RBS • Standard Chartered Bank