At Integral’s Sydney event earlier this year, Andrew Saks spoke with Thomas Stewart of ATFX to discuss the technology, liquidity, and market-structure shifts reshaping brokerage, prime brokerage, and multi-market trading.
A global market needs global infrastructure, but it also needs local relevance, smarter hedging, and technology that can evolve as fast as the client base.
The FX industry is moving through a product and technology revolution. Brokers are under pressure to modernize execution, improve hedging workflows, and support newer client segments such as crypto-native and prop trading firms.
This conversation explores how that shift is changing the role of liquidity providers, prime brokers, and the infrastructure behind settlement and access.
What Thomas & Andrew discussed:
- Global presence and why scale matters in modern brokerage.
- The hardest challenge in today’s market: technology that supports sophisticated hedging models.
- The tension between traditional A-book/B-book models and more advanced execution architecture.
- Why younger, digitally native firms are forcing the industry to rethink client experience.
- How prime brokerage, liquidity sourcing, and venue access may evolve toward more distributed settlement models.
- What perpetual futures, stablecoins, and crypto market structure could mean for FX’s next phase.
View the full conversation below:
