“It creates quite a bit of efficiency, so it allows institutions to drive down their execution costs.” “As products become more electronic, you see more volumes come through, and the transparency increases,” Wacker said. Traders conduct about 74 percent of their notional volumes electronically on average, up from 68 percent in 2017, according to the survey. The adoption follows a surge of online, or electronic, trading in the $5.1-trillion-a-day currency market as companies look to cut costs and keep better audit trails for their transactions. “This form of communication is completely transforming how people do things.”įinancial companies are becoming more comfortable with employees using mobile apps as security features improve, including facial recognition and fingerprint readers, he said. The biggest trade on the bank’s mobile FX trading app exceeded $400 million, and it’s not uncommon to see $100 million deals go through the app, whose biggest users are hedge funds and other financial institutions.
“We’ve seen quite a shift in terms of institutions allowing people to use mobile devices” in the last year, said Scott Wacker, global head of e-commerce sales and marketing at JPMorgan in London. Manage Products and Account Information.
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