Australia and New Zealand Banking Group (ANZ) has used the Progress Apama FX aggregation solution for eCommerce.
Progress Software solution enables ANZ brokers to perform both algorithmic trading and cross-venue smart order routing. The solution’s new capabilities include pricing, auto-hedging and order internalization strategies.
ANZ, which have been using the Progress Apama FX Aggregation solution for the past two years, recently improved its FX market share to 26th globally in terms of volume from the 42nd position. They also expanded from an initial 10 currency pairs to covering 52 pairs.
“We can now capture increasing volumes of new client business with the Apama FX e-Commerce solution. It provides us with the functionality necessary to diversify our customer base and offer new services to firms, such as hedge funds, small to medium sized banks and institutional firms that we have not been able to target previously,” said Eddie Listorti, Global Head FX and Commodities, ANZ Banking Group.
“The Apama solution also minimizes slippage through smart execution and leverages internalization thus improving spreads. This creates a virtuous circle for us – price improvement from reduced slippage risk attracts more customers and flow, and more flow improves internalization effects and leads to better prices from providers,” Listorti added.
Apama FX solution with ANZ’s in-house pricing system assists the bank to initially stream high quality executable quotes to the FXAll and 360T platforms, and add additional venues over time.
ANZ is also planning to aggregate precious metals prices, delivered from single bank platforms, and provide quotes direct to customers.
“ANZ is implementing an aggressive foreign exchange growth strategy. The Apama FX solution is unique in the market because it is massively accelerating ANZ’s time-to-value, whilst preserving its flexibility with customizable templates for critical, cross-asset e-commerce functionality to achieve their goals. The fact that ANZ can move effortlessly into the precious metals market is indicative of their motivation to expand and serve their client-base and offer cross-asset flexibility,” said Richard Bentley, vice president Capital Markets, Progress Software.