Chief Executive Officer
FXalliance
[30]

In March 2010, as it was approaching the tenth anniversary of its birth in the Lab­Morgan incubator, the foreign exchange platform known as FXall topped $100 billion in daily volume. On April 28 of this year, FXall handled a record $130 billion, reports Philip Weisberg, 43, its CEO from day one. Late last year the New York–based FXalliance, which serves more than 1,000 institutions, launched FXall 4.0, which combines its original relationship-based electronic trading network with LavaFX, the anonymous, high-frequency-oriented trading system acquired from Citigroup in January 2010. “Everything is under one roof now,” says Weisberg. The combined functionalities, along with advanced order types, “help level the playing field,” he adds, by enabling buy-side clients to use some of the more sophisticated trading techniques of the sell side. FXall is working with about 20 clients to develop an execution quality analysis product, slated for a fourth-quarter rollout. Weisberg says EQA will be something entirely new for FX, an adaptation of transaction cost analysis from the equities world, and “will help people really understand how to evaluate their trading mechanisms and the trading choices they are making.”