Ideal’s Scope service for monitoring human and algo activity was featured in an FX Week article: Algo fears spark hunt for neutral Code checks.
"This is a problem that is facing a lot of banks in that the experience that exists in their FX business is highly specialised, highly technical," the bank says. "To be able to find an independent set of equally competent resources is difficult."
"I don't believe that I could either get the budget or the skill to build a parallel group to supervise e-FX that is sufficiently independent. And there is no industry consensus about where you put them. Do you put them in the first line - Compliance, Risk?" asks the bank source.
”For us, the easiest thing to do was to partner with somebody who could help us explore exactly what it is that we should be thinking about, with respect to our electronic footprint in the market and our voice footprint in the market,” the source adds.