BofA’s e-FX rebuild pulls it closer to rivals
Deploying its equities tech stack, bank seeks to get ahead with its algo and e-FX offerings
As banks raced to invest in deploying advanced electronic trading offerings for foreign exchange, Bank of America was, by its own admission, lagging the competition. In single-dealer platform and spot FX algos, it was far from the top of the go-to liquidity providers.
“We were very behind in e-trading,” acknowledges Carlos Fernandez-Aller, head of global FX and emerging markets macro at the bank. “When banks were developing their single-dealer platforms five to 10 years ago, we did not have the
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