In this episode of the ACI UK podcast series, the conversation dives into the evolution of the FX market through the lens of prime brokerage and its critical role in shaping today’s trading landscape. Host Noel Singh and co-host Kim Myers are joined by industry veterans Kate Lowe (Euroclear) and Jeremy Smart (XTX Markets) for a detailed exploration of how FX prime brokerage enabled the rise of high-frequency trading (HFT) and transformed both institutional and retail markets.

The discussion breaks down complex concepts - from what prime brokerage does, to how HFT firms emerged and scaled - while offering first-hand insights from those who witnessed the market’s rapid expansion in the early 2000s. The episode also examines the technological innovations that made this growth possible, including automation, straight-through processing, and platforms like Triana that revolutionised trade reconciliation and operational efficiency.

Listeners will gain a deeper understanding of how shrinking margins, data access, and infrastructure improvements reshaped the economics of FX trading, as well as how key events - such as the Swiss National Bank shock—exposed vulnerabilities in the system and forced structural change.

Blending technical insight with personal stories from inside the industry, this episode offers a rare, behind-the-scenes look at the forces that turned FX into one of the most electronic and competitive markets in the world - and where it may be heading next.

Thank you to LSEG FX and Trade Treasury Payments for sponsoring this episode.