RBC Launches Daily FX Trade Recommendation Service05.28.2020
On Friday 8 May, RBC executed its first FX trades with clients via AMOS, a cutting-edge product in the market, aimed at hedge funds and real money clients who have an active FX mandate.
AMOS is a daily FX trade recommendation service which allows subscribed clients to receive daily FX trade recommendations ahead of execution, replicating the performance of RBC’s FX positioning based trading strategy dollar for dollar. Completely unique and proprietary to RBC, it is exceptionally innovative allowing for potentially smarter investment decisions and a high level of transparency.
AMOS looks at speculative flows through FX markets to track and identify where markets might be heading, allowing clients to make potentially smarter investment decisions. The model that sits behind the recommendation was created entirely by the FX quants team in London, and looks at trade events through public data sources.
As such, AMOS represents a fundamental shift in the FX trade recommendation model. RBC also invests its own money using the model and executes on exactly the same terms as clients, issuing very specific recommendations and with a transparent fee structure that is compliant with MiFID II regulations.
Rob Turner, FX Quant Trader at RBC and creator of AMOS, explains: ‘At RBC we believe trade recommendations should come with ‘skin in the game’. We also believe that their performance should be transparent and declared publicly – which is why we have created AMOS. We think that this approach represents the future of the bank and buy side relationship’.
With Dmitry Kay, Co-head of EM FX Trading, Europe, UBS
It is the first liquidity-seeking algorithm on Atlas, the equities trading platform introduced in 2019.
Morgan Stanley completed the acquisition of E*TRADE in 2020.
The platform provides a quick way to create and share trusted data through machine learning and automation.
The Federal Reserve said the pilot exercise will be launched in early 2023.