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Agency FX Trading Case Study: $11.7M in Savings*

2026-07-03

Russell Investments

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Trading and execution

Discover how agency-only FX execution, internal netting and independent trade analysis helped reduce costs while improving transparency and execution quality.

Foreign exchange can be a hidden source of portfolio cost. This case study shows how Russell Investments helped centralize FX execution across multiple investment managers using an agency-only trading model.

By introducing internal trade netting, accessing multiple liquidity venues and maintaining existing manager workflows, the client reduced trading costs without operational disruption. Over one year, an estimated $11.7 million in trading-cost savings was achieved on $18.6 billion traded, supported by independent transaction cost analysis.

Key Highlights

Estimated $11.7 million in FX trading-cost savings on $18.6 billion traded.*
Agency-only execution aligned interests while increasing transparency.
Internal netting and multi-venue execution helped reduce trading costs.
Zero FX settlement failures with independent third-party transaction cost analysis

*$11.7 million in estimated FX trading-cost savings (illustrative; calculated over 1 year (2025), net of Russell execution fees/commissions results will vary. $18.6 billion traded over full year 2025, (scope: spot/forwards) in all eligible currency pairs across multiple trading platforms

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