Whilst SDPs thrive, Bloomberg’s FXGO is MDP to watch


Bloomberg’s multi dealer platform FXGO is seeing surge in FX volumes (up 79% YTD, and 65% YoY) according to Tod Van Dam, Bloomberg’s Global Head of FX.

Such performance comes against a backdrop of research from the likes of Celent that Single Dealer Platforms best positioned to dominate FX market,  and data from the Bank of England (data link here) showing SDP volumes still outpacing MDP volumes.

In an interview with EuroMoneyFXNews, Tod states that:

… the relative outperformance of FXGO is not simply down to the fact that volumes started from a low base. “If you take the largest competitors in the multi-dealer space, our volumes are very similar,” he says.

“So when I say volumes are up 65% year on year, it’s not 65% of nothing. We are talking about some serious changes in the market place.”

This certainly adds weight to comments I made in July that Thomson Reuters move to buy FXall was partly a  pre-emptive move to stop Bloomberg’s buyside FX push, and seems likely when viewed against the research findings from Client Knowledge in chart below.

Buy-Side FX MDP usage (Source: ClientKnowledge)

Given Bloomberg’s buy-side footprint, deep understanding of and integration into clients workflows, FXGO is certainly the platform to watch.

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