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The Impact of Automated Trading Programs on FX Markets

February 9, 2022

Participants in FX markets increasingly use automated trading programs to achieve their objectives.  How does this affect market functioning and price formation?  What are the opportunities and challenges?  What are the implications for other markets?

The study group of the BIS Markets Committee recently reviewed these questions.  Zahir Antia and Nicholas Broz of the Bank of Canada participated in the study and will present its results, as well as updates based on a recent survey of Canadian market participants.



There is no video or slide deck available for this webinar.
Download the “FX execution algorithms and market functioning” report from the Bank of Canada

Zahir Antia Principal Analyst, Bank of Canada Zahir Antia

Zahir Antia is a Principal Analyst in the Bank of Canada’s Toronto Regional office.  In this capacity, Mr. Antia develops and maintains relationships with members of the Toronto financial market community and provides the Bank with policy insights and analytic research on the potential impact of financial market developments on the Canadian economy and the regulatory environment. He is also the Secretary of the Canadian Foreign Exchange Committee.

Before his current appointment, Mr. Antia was the Bank’s Senior Representative in the New York office. Prior to that, he occupied increasingly senior positions in the trading room of the Financial Markets Department.

Nick Broz headshot Principal Analyst - Cross-Market Analysis, Bank of Canada Nicholas Broz

Nicholas Broz is a Principal Analyst – Cross-Market Analysis and responsible for monitoring and analysing key medium-term financial market developments and drawing out their implications to inform monetary and financial system policy decisions.

Previously, he was responsible for executing front office market operations for the Bank of Canada in foreign exchange markets. Additional duties included contributing to the evolution of the Bank’s operational framework, analyzing financial markets, and designing and implementing initiatives that improve the resiliency and efficiency of Canadian financial markets.

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