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ING: FX Trading Digital Transformation

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21 March 2024
Monica Summerville

Winner of the 2024 Celent Model Sell Side Award for Digital Transformation

Abstract

ING was looking to accelerate the digitisation of its offerng in the FX markets - a market which is the largest in the world by traded volume, but also one that is highly fragmented and going through substantial change. The core interaction between liquidity takers and makers is rapidly moving to a “show me the data” mode of interaction, with ever increasing expectations around data and analytics exchanged between counterparties.

This is a market in need of solution to solve liquidity sourcing, trade execution and fair access to markets. With its innovative project to digitally transform its FX trading platform, ING sought to proide the best on street customer experience (CX). Achieving a step change in client experience required an overhaul of ING’s existing technology stack and product offering, delivery through a multi-year plan and with executive level support.

Table 1: Case Study At A Glance

Financial Institution

ING

Initiative

FX Global Markets Digital Transformation

Synopsis

Over the last two years ING has embarked on a major digitisation project across its FX markets offering overhauling its technology stack and product offering creating a step change in the client experience with ING. The focus has been in three key areas:

·new products,

·pricing and hedging,

·advanced analytics.

The initiative impacts a range of Markets value chain areas including front office, treasury capital markets, product development and venue connectivity,

Timelines

Completed over two years with continuous release of improvements over this time across two main streams, eTrading and distribution

Key Benefits

Better client experience: The new platform allowed ING to internalise flow, reducing its costs and market impact which is directly passed onto clients through more competitive pricing. Also improvements in client rankings, hit ration and client flow.

Quantifiable business success metrics: these include 100% increase in spot flow, ranked number one on venues for some currency pairs, all of which has led to increased revenue.

New products: the new platform has reduced costs and Time to Market (TTM) for new product innovation such as the ability to enhance pricing based on ESG data, and supported a partnership with a leading electronic market to support electronification of the FX Swap market.

Key Vendors

ION, Lucera, Mosaic, OpenFin, Pragma, Sustainalytics, 360T Deutsche Börse Group

Source: ING

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