Algos Are 'Dominating' Buy-Side Currency Trading, Report Says.

The article focuses on the growing use of algorithmic trading in the $9.5 trillion-a-day foreign-exchange (FX) market and its impact on the roles of traditional banks versus independent nonbank firms. According to a Crisil Coalition Greenwich report, about a quarter of buy-side trading desks use or plan to use nonbank liquidity providers—such as XTX, Citadel Securities, and Optiver—due to their advanced technology and pricing models, especially for executing large or complex orders with minimal market impact. Despite this shift, established relationships with major banks remain important for certain FX segments, particularly during volatile markets or for structured currency deals. The report also notes that while automation dominates spot FX trading, some areas like non-deliverable forwards remain less automated due to market liquidity constraints. [Extracted from the article]