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Home » Awards » Cortex: The rise of single dealer platforms


CORTEX: THE RISE OF SINGLE DEALER PLATFORMS

Cortex is recognised as OTC Trading Platform of the Year, as single dealer
platforms gain traction with their innovative features and functionality.

Awards 27 November 2024
Digital Markets Commodity Derivatives Foreign Exchange Global Equities Global
Rates
3 min


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For years, multidealer platforms (MDPs) have reigned supreme in the world of
trading, particularly among institutional clients who are required to
demonstrate best market value execution. However, the significant advancements
made in the field of single dealer platforms (SDPs), including BNP Paribas’
Cortex, are causing a notable shift. The integration of cutting-edge analytics
tools, enhanced functionality, and tailored user experiences has ushered in a
new era of SDP use.   

A notable example of this trend is Cortex, BNP Paribas’ flagship SDP, which was
recently recognised as OTC Trading Platform of the Year 2025 by Risk – the first
SDP in 10 years to claim this title. While MDPs have traditionally been
recognised in this category, Risk acknowledged BNP Paribas’ efforts to not only
elevate its platform but also bridge the gap between SDPs and MDPs, providing
clients with groundbreaking solutions that cater to both SDP and MDP users.

“We’re humbled to be recognised in this category,” says Raphael Masgnaux, Head
of Global Technology Platforms for Global Markets. “Our client-centric approach
drives everything we do. We’ve built a multi-asset trading platform that
integrates our Global Markets offering, providing clients with seamless access
to different asset classes. We’re grateful to our clients and proud to be
acknowledged for our trading capabilities.”

> Our client-centric approach drives everything we do. We’ve built a multi-asset
> trading platform that integrates our Global Markets offering, providing
> clients with seamless access to different asset classes.
> 
> Raphael Masgnaux, Head of Global Technology Platforms for Global Markets.


THE RISE OF SDPS

MDPs have historically dominated due to their ability to provide clients with
access to a broad range of liquidity providers. However, advancements in
technology and innovation have increasingly led corporate and institutional
clients to favour SDPs over traditional MDPs. This is largely due to SDPs’
ability to offer a tailored user experience and sophisticated trading
capabilities, functionality that MDPs often lack.

For instance, BNP Paribas has expanded Cortex over the years to cover multiple
asset classes including FX, commodities, fixed income, equities as well as the
bank’s new data offering. This has enhanced the trading experience for the
bank’s clients, allowing them to easily trade different asset classes through
Cortex.

As well as this, Cortex offers several cutting-edge tools, such as the bank’s
dedicated suite of algorithms in FX and equities. This allows clients to
automate the execution of large orders and utilise advanced analytics tools to
monitor their performance in real-time.

Within the FX arm of Cortex, clients have access to ALiX, BNP Paribas’ FX
trading assistant. Seamlessly integrated as a compact on-screen widget, clients
can chat with ALiX to request quotes, execute trades, and access the
comprehensive FX product suite on Cortex FX. Notably, the latest iteration of
ALiX enables clients to request access to research from Markets 360, BNP
Paribas’ strategy and economics division, thereby providing clients with
enhanced market context and added confidence in their trading decisions.

Play Say hello to ALiX…
Your digital trading assistant

As a result of these developments, the gap between MDPs and SDPs is narrowing,
with SDPs becoming an increasingly attractive option for clients seeking more
advanced trading capabilities.


BRIDGING THE GAP

While SDPs offer an attractive alternative, some institutional clients are
limited to using MDPs only. One significant challenge faced by MDP users is the
limited functionality and lack of analytics tools available to them. BNP Paribas
has adopted a collaborative approach, working closely with MDP providers to
integrate its technology onto their platforms. This approach enables clients who
are restricted to using MDPs to tap into BNP Paribas’ advanced tools, thereby
enhancing their trading experience.

For instance, BNP Paribas has developed the Cortex app, which can be accessed
through MDPs. This integration allows clients to leverage Cortex’s sophisticated
capabilities, while still using their preferred MDP.

The financial markets have witnessed a significant shift towards SDPs due to
their ability to offer a novel user experience and efficient trading, and by
collaborating with MDPs, BNP Paribas is bridging the gap, bringing innovative
solutions to both SDP and MDP users and driving advancements in the industry. As
a result, Risk awarded Cortex OTC Trading Platform of the Year. Read the full
article by Risk.

GET IN TOUCH

To find out more about Cortex, reach out to your BNP Paribas sales
representative, or request a demo here.

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