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FX Solutions

Algorithmic Trading

Ready for greater control over your order executions? Working with our algorithmic trading team, you’ll be able to take advantage of State Street’s access to deep liquidity in the FX markets.

You select how much, how fast, for how long and the style of trading that suits your order. Our algos let you see your executions in real time so you can adjust your strategy on the fly. Choose our TWAP algo to execute your order in steady slices across your time horizon or use our VWAP algo to dynamically slice your order to match historical volume data.

Time Weighted Average Price (TWAP)

Our TWAP algo allows you to slice your order across a specific time horizon. You can either choose the slice size and we’ll figure out the time horizon, or choose how long you want the execution window to last and we’ll figure out the slice size. In either case, you’ll be able to add additional controls, such as price limits for execution, and have the ability to randomize your slice sizes.

Volume Weighted Average Price (VWAP)

To minimize market impact, our VWAP algo aims to allow you to match slice sizes to historic volume data. When historical data shows deeper volume, the slices will be bigger. When historical data shows lower volume, the slices will be smaller. Additional options allow you to set a price limit and choose the historical model used to create your execution schedule.

Accessible through State Street’s FX Connect platform, our algos support:

  • Start and end time
  • Worst rate for pricing outside the specified threshold
  • Slice parameters
  • Randomized slice amounts
  • Urgency factor for missed slices
  • Profile period and outlier removal choices for the historic volume estimation model

Use of our algos is subject to State Street’s terms and conditions for electronic trading services. Click here to read the terms and conditions.