FXone adds execution algorithms & TCA to platform

FXone/Seabury Financial Solutions officially reported last week it is introducing comprehensive Execution Algorithms and Transaction Cost Analysis (TCA) to its liquidity management platform to deliver an enhanced product suite for institutional FX e-trading. This news was introducing amid appointing e-Trading executive Michael Bundy as Chief Technology Officer & Chief Architect last month.

To spearhead this key product initiative, FXone named Zo Abed Head of Execution Algorithms & TCA, who will lead development efforts to establish a stand-alone execution algorithm and TCA solution complete with a suite of algos, analytics, and monitoring and intervention tools.

FXone President & Chief Executive Officer Rosario M. Ingargiola underscored that the company is “experiencing rapid growth with its market leading platform” in response to a significant demand in the market for top technology with a commercial model that has no up-front costs to clients and no charges to liquidity providers. “We believe our growth trajectory is inextricably linked, however, to delivering transparency and control over liquidity and execution to clients. A key part of our strategy involves provision of bank neutral execution algorithms for best execution and TCA tools.”

Rosario added, “Therefore, Mr. Abed is best suited to lead the development of our algorithms and TCA tools. We’re very pleased to have him in this important role, and look forward to unveiling these new powerful tools in the very near-term.”

Mr. Abed brings extensive experience to FXone, having held positions in the industry that include Head of Electronic Trading and Delta 1 Products Development, Asia, Deutsche Bank, Hong Kong, Head of EMEA Electronic Trading Product Development, Merrill Lynch, London, U.K., and Senior System Architect & Developer, Deutsche Bank, London, U.K. During his career, Mr. Abed has designed and implemented execution algo frameworks and execution algorithms including adaptive strategies and dynamic TCA. He has also migrated the U.S. algo trading and execution platform to the EMEA, being an early developer of the Autobahn platform.

“I’m very thrilled to join the FXone team and contribute to the extension of FXone’s product suite,” said Zo Abed. “I’ve been living and breathing Algorithmic Trading products for the last 12 years. I look forward to working with the team to develop and deliver sophisticated trading ‘Automatons,’ which will certainly give our clients an edge over their competitors.”

Mr. Abed earned his B.Sc. in Computer Science from London University – Queen Mary College and his Master’s in Artificial Neural Networks & Info Processing from London University – Kings College.

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