Best FX Options Platform – Goldman Sachs 2026

Marquee, as a single dealer platform, is something of a sleeper – it has always been excellent, but to the wider world, probably because it is proprietary like all platforms, it is less spoken about. Goldman clients, however, rave about it – and we can see why. It just looks and feels like a platform made by people who trade, or plan trades, for people who do the same.

One of the notable evolutions of Marquee over the past decade has been the growth in analytical tools – and while these stretch across the markets, they are at the heart of the bank winning this award. As one user noted, “options is all about the pre-trade”, adding, to paraphrase, the rest is all processing! The driver of the pre-trade (and post-trade when it comes to risk management it should be noted), are analytics.

It can be difficult to differentiate oneself in this field – both options and analytics – because, as we have noted before, the typical user group exist in a quasi “Fenics” world, where the pricing and execution look and feel has barely changed in three decades. Goldman did it in last year’s awards, and does it again this year, through its Visual Structuring tool.

The use of NLP in Visual Structuring has increased, more data and information has also been added around market and non-market events. Users highlighted how, by hovering over the trade or structure they get the micro details. Ideas or structures can be shared easily for collaboration and the bank has ensured it has stayed in the race by adding more exotic products to the platforms.

The product has been made even more interactive in terms of how users can conduct “what-if” analysis, they are able to plot the contours of P&L depending upon where the market is trading, within this.

Visual Structuring is also mobile-friendly, unsurprisingly perhaps given it was built with such a scenario in mind. Users can prompt operations by touch screen or a swipe of the finger, providing a good user experience, but easier collaboration. Ideas can be shared remotely through the normal mediums, but can also be carried into a client meeting or intra-desk.

We noted last year that visualisation was much more than a gimmick – and that is unlikely to change until such time as options are commoditised and 90% automated. Even then, we suspect, the real value will be in the 10% of trades that require a “touch”. If that is indeed the case, then Goldman established a leadership position a few years ago, and is working hard to ensure it doesn’t relinquish it.