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.

Huge thanks to LSEG FX and Trade Treasury Payments for supporting this episode.

In this episode of the ACI UK podcast series, the focus turns to one of the most transformative shifts in FX market history: the rise of single dealer and multi dealer trading platforms. Hosts Noel Singh and Kim Myers are joined by industry pioneers Jeff Feig (former Global Head of FX at Citi) and Mark Suter (Digital Vega) to unpack how electronic trading reshaped the competitive landscape.

The discussion traces the journey from phone-based dealing and early electronic systems to the emergence of bank-owned platforms like Velocity, Autobahn, and BARX, alongside multi-dealer venues such as FXall and Currenex. Through candid reflections, the guests explore how strategic decisions, internal resistance, and technological innovation determined which institutions thrived—and which fell behind.

Listeners get a rare inside view of the challenges banks faced when transitioning to electronic trading, including early losses from “toxic flow,” the tension between manual traders and automated systems, and the importance of speed, data, and user experience. The episode also highlights the role of prime brokerage and infrastructure providers like Triana in enabling scale, as well as the unintended consequences of opening markets to non-bank participants.

Looking ahead, the conversation shifts toward the next frontier of innovation—questioning whether blockchain and tokenisation could fundamentally reshape settlement and market structure, just as electronic trading once did.

Blending war stories, strategic insight, and forward-looking thinking, this episode captures a pivotal era in FX—and the mindset required to survive it.

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In this episode of the ACI UK podcast series, hosts Kimberly Myers and Noel Singh explore the origins and transformation of the electronic FX market. Joined by industry veterans Tracey Riodan and Steve Tatum, the conversation traces the shift from voice brokers and telex machines to the electronic trading platforms that reshaped global currency markets.

Drawing on decades of firsthand experience, Tracey and Steve recount the early days of Reuters Matching and EBS Markets, the fierce competition for liquidity, and the practical realities of building electronic trading networks bank by bank. From physically moving workstations across trading desks at night to negotiating bilateral credit lines and convincing traders to trust new technology, they reveal how the FX market evolved through a mix of bold innovation and daily persistence.

The discussion also highlights key turning points that accelerated electronic trading—including the rise of algorithmic execution, prime brokerage access, and the expansion of market data and automated workflows. Along the way, the guests reflect on the personalities, relationships, and mentorship that shaped their careers in one of finance’s most global and fast-moving markets.

This episode offers a fascinating behind-the-scenes look at how the electronic FX interbank market emerged, the culture of the early trading floors, and why liquidity, technology, and human relationships all played crucial roles in the evolution of the market.