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.