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Wall Street giants replace traders with algorithms in new era of forex
Inside BNP Paribas SA, a trader named Viper is now handling large swaths of the French bank’s currency trading business.
Viper, along with Iguana and Chameleon, are codenames for algorithms the lender has developed to make life easier for the hundreds of hedge fund managers and corporate treasurers who rely on its systems. All three live inside Rex — a reptile-themed trading tool that has cemented BNP’s edge in the $7.5 trillion-a-day foreign-exchange market.