As liquidity fragments across ECNs, bank streams and non-bank market makers, execution outcomes are becoming less predictable- with fill rates, rejects and information leakage varying by venue and LP. This session explores how buy-side desks decide where to send flow, distinguish differentiated from recycled liquidity, and assess when direct streams outperform multi-dealer platforms. Speakers will discuss how last-look behaviour, reject patterns and fill consistency shape decisions, alongside constraints such as credit and connectivity. The session will also examine how data, analytics and smart routing tools support more informed execution and improve consistency across liquidity pools. 

Automation is expanding across FX workflows, but traders remain divided on how far auto-execution can realistically go- and what should be automated next. This session examines how desks are extending automation for low-touch flow, setting thresholds, and building rules that reduce manual workload without compromising control. Speakers will discuss where automation improves outcomes, where it can introduce new risks, and why certain areas- including swaps and less liquid pairs- continue to lag. The panel will explore how desks monitor automated flow, when human intervention remains essential, and what traders expect from the next iteration of platform functionalities and tools. 

Credit availability and dealer balance-sheet constraints now shape where the buy side can trade, how spreads are set, and which venues and LPs can support meaningful size. As SA-CCR pressures deepen and capital costs rise, credit considerations increasingly influence internalisation practices, liquidity depth and trading consistency across counterparties. This panel examines how credit limits, onboarding friction and emerging intermediation models affect execution quality- and how banks, platforms and solution providers are responding. Speakers will assess where credit is the binding constraint in FX today, which innovations may ease the bottlenecks, and what the buy side can realistically expect as credit and capital frameworks continue to evolve.

FX swaps remain one of the least transparent areas of the FX market, with pricing dispersed across bilateral streams, RFQs and voice channels. Traders face challenges building reliable curves, comparing dealers, and understanding roll and turn costs- and limited swaps-specific TCA makes it hard to assess execution quality or refine future decisions.

This panel examines how improved data aggregation, curve construction, benchmarking and analytics can strengthen transparency and support smarter tenor, routing and pricing choices. Speakers will discuss what high-quality swaps data should look like, how to overcome fragmentation, and which practical tools execution teams can use today to enhance swaps pricing and decision-making.

Frontier currencies are becoming increasingly relevant for global portfolios, yet remain some of the most challenging markets for FX traders to navigate. Liquidity is often thin, market hours are fragmented, and price formation is shaped by a limited number of local participants and access points.

This panel provides a practical introduction to how frontier FX markets function in practice. Speakers will discuss how traders access liquidity across banks, agency brokers and local counterparts, how pricing and liquidity vary by region, and which execution channels can realistically support size. The discussion will also explore common hedging constraints, limitations around transparency and benchmarking, and the practical considerations involved in managing exposure when direct market access is restricted. A clear foundation for desks looking to expand beyond traditional G10 and EM markets.