Best FX Options Platform – Goldman Sachs

Amidst what remains a very good platform overall, Goldman Sachs has built out a superb FX options offering. In a way this is not a surprise – the bank has always been strong there and was one of the first innovators in the space back in the early 2000s with its pricing application that looked like an app most traders were using, but came with extra functionality.

Differentiating in FX options can be very difficult in the third decade of the century – most products are covered by the top group of players, and users’ preference for the familiar pricing grid style means pushing too far from the mean can be challenging. Goldman has managed it, however, by understanding one aspect of the FX options workflow – the vast majority of it takes place pre-trade. Execution remains critical, of course, but that often occurs after hours, maybe even days, of analysis.

This is where the bank’s Visual Structuring tool comes in, it is built for idea generation and risk management – probably the two most important parts of an FX option trader’s day-to-day work. Launched in 2022, the product has been enhanced with the addition of NLP capabilities, it also now incorporates more information, specifically around market events, to help users better understand their books.

Tapping into one of the early functions of Marquee, users can also hover over the trade or structure to get the micro details – something that is especially useful for more complex products. Ideas or structures can be shared easily for collaboration and the banks has ensured it has stayed in the race by adding more exotic products to the platforms.

For those that prefer the old-fashioned way of trading and managing option books, this is available through blotters, but the real differentiator here is Visual Structuring which is mobile friendly to the degree that it was built with such a scenario in mind. Users can prompt operations by touch screen or a swipe of the finger, meaning not only a more modern feel, but also much easier collaboration – rather than send countless emails, just pick up a tablet and walk over to discuss the details.

Visualisation is becoming more important in FX analytics generally, and will remain so until such time as even FX options is a fully-automated process. Until that day, however, the standard in the field is Goldman Sachs – in a very competitive field it has pushed ahead with a creative, innovative, and user-friendly product.