In the FX market, trading firms are looking to implement technology solutions to enhance workflow efficiency and make better use of data to improve customer service. How does Refinitiv Workspace for FX Trading deliver these benefits by supporting multiple different workflows and roles within the FX trading community?
- The FX market has seen many changes in recent years and market participants face several new challenges and opportunities.
- Digital transformation is key to the continued evolution of the FX market.
- The automation of workflows drives increased productivity and operational efficiency, with the reduction in manual intervention also resulting in reduced operational risk.
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The FX market continues to digitalise to serve customers more efficiently with a range of capabilities that includes liquidity access, best execution and post-trade services, as well as facilitating regulatory compliance.
As new technologies emerge, firms need a digital transformation strategy, to keep pace with market changes and remain competitive.
In the face of increasing pressure to cut costs and increase productivity and profitability, FX traders need relevant, in-depth information delivered at speed to help them reduce time to market and increase value generation.
A recent, but key, trend in financial markets is the improved availability and analysis of data to support traders. The use of AI and machine learning has increased as market participants demand and develop tools to improve the relevance and accuracy of data, to enable better trading decisions and reduce risk.
Innovative AI solutions allow traders to extract and analyse relevant data, simplify trading processes and track market performance.
These new tools give traders the advantage of enabling faster decision-making, driven by better and more relevant data, delivered via an intuitive interface.
How is Refinitiv Workspace for FX Trading different?
Refinitiv Workspace for FX Trading is the next-generation customised workflow experience for FX traders.
Unlike previous, generic AI applications which merely served up content based on user profiles, Refinitiv Workspace was founded on machine learning, which allows for high levels of customisation to a specific user’s role.
Pre-educated as well as learned on the fly, the service provides recommendations relevant to specific roles as well as accurate results to free-text keyword searches and enhanced preview screens with immediate, relevant information available at-a-glance.
Refinitiv Workspace for FX Trading has been designed to allow traders to leverage the breadth and depth of data analytics, modern workflows, community and liquidity assets that are delivered over the Refinitiv Data platform.
But Refinitiv Workspace not only empowers FX traders with all relevant FX and MM calculators, it also delivers an open platform for innovation, where traders can combine Refinitiv data and cloud-based analytics libraries with their own data and analytics to drive trading decisions within the desktop, Excel or native Python codebook environment.
A new generation of traders
Today’s market participants are moving away from using spreadsheets and manual processes, instead adopting modern code, and building their own tools.
Many banks and buy-side firms are hiring traders with coding skills who are comfortable with data programming languages such as Python. This means that they can build flexible yet robust tools within a compliant framework, which enables them to focus on value and to make better trading decisions, using the data, analytics and connectivity they need – all accessible via an installed application, or a commercial browser when on the move.
Through APIs and software development kits in one installable package, the new generation of FX market participants such as coders, quants and data scientists can use Refinitiv Workspace as a platform to link proprietary and third-party applications to improve and simplify end-to-end workflows.
Watch: FX Ecosystem – Refinitiv, an LSEG business
Smart traders working with smart data
A smart machine can learn what traders need, but humans define the focus of a business. Refinitiv Workspace for FX Trading has been designed not to replace human traders but to enhance their efficiency.
Refinitiv Workspace for FX empowers users to achieve more with less, by combining high quality data, with enhanced end-to-end trading workflows and technology.
With Refinitiv Workspace for FX Trading, traders can leverage AI and machine learning to benefit from smarter and faster technology to build efficient workflows that serve their specific needs.