Nomura made its FX algorithmic strategies available through BidFX on October 31, 2019. The strategies are known collectively as the FX Algo Tsuwamono Series. This was an institutional foreign-exchange execution integration—not the launch of a retail trading app, a new standalone platform, or a change to Nomura’s core FX pricing service.
The announcement matters because it gave eligible BidFX users another way to execute institutional FX orders. It does not, however, establish that every BidFX customer can use every strategy, currency pair, or parameter today. Access remains dependent on the customer’s account, permissions, region, and available liquidity.
What Nomura added to BidFX
Nomura connected five of its FX execution algorithms to BidFX’s execution-management system. BidFX said the arrangement extended an existing relationship with Nomura and was intended to benefit their mutual institutional FX clients.
Ian Daniels, then Nomura’s Head of eFX Distribution for EMEA and the Americas, represented Nomura in the announcement. Roger Lee, BidFX’s Head of EMEA Sales, represented BidFX.
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An execution algorithm breaks a larger FX order into a series of actions according to rules chosen by the trader. Depending on the strategy, those rules can include timing, participation in market volume, aggressiveness, order size, price limits, and minimum fill requirements. The purpose is generally to manage execution rather than simply send the entire order to the market at once.
Nomura did not publish performance figures, guaranteed savings, supported currency pairs, minimum order sizes, fees, or universal availability with the announcement. Therefore, it would be inaccurate to claim that the integration guarantees lower costs, reduced market impact, faster execution, or better results.
The five Tsuwamono strategies
Nomura’s current electronic-trading information lists the following five strategies and their published parameters:
| Strategy | What it is designed to do | Published parameters |
|---|---|---|
| TWAP | Time-weighted execution, which spreads trading activity across a selected period. | Start/end time, price sensitivity, minimum fill quantity, and limit price. |
| SATORI | Attempts to replicate a historical volume profile. | Start time, participation rate, and limit price. |
| NINJA | A passive strategy that does not fully aggress the spread. | Start/end time, aggression, price aggression, slice size, and limit price. |
| SAMURAI | Designed for fast execution of large orders and includes liquidity-detection mechanisms. | Start/end time, aggression, and stop loss. |
| SHOGUN | Rapid, aggressive execution. | Size, side, and limit price. |
The descriptions indicate different execution objectives, but they are not promises of a particular outcome. Market conditions, available liquidity, spread costs, volatility, order instructions, and the client’s relationship with the executing bank can all affect the result.
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What this means for BidFX users
A qualifying institutional user may be able to select a Nomura algorithm from within the BidFX environment, configure the available parameters, and submit an FX order for execution. The exact workflow and available choices depend on the user’s BidFX setup and Nomura’s permissions.
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No current public BidFX desktop guide was found that verifies an exact menu path or button sequence for launching Nomura’s Tsuwamono strategies. Users should therefore avoid relying on unverified instructions such as a supposed “Tsuwamono” button or a universal ticket layout.
BidFX’s public API documentation does expose algo-query operations, including:
GET /api/om/v2/algofor querying algorithmic strategies.GET /api/om/v3/algofor querying bank algorithms.
These are API endpoints, not documented desktop-application menu paths. A firm integrating BidFX programmatically would need to consult its authorized documentation and account configuration rather than assume that an API-listed algo can be traded by every user.
Do not confuse Excel staging with desktop execution
BidFX’s public Excel documentation includes labels such as BidFX, Toggle Trading, FX ticket, and Futures ticket. That documentation applies to the Excel integration and should not be treated as a confirmed workflow for the standard desktop EMS.
In the documented Excel workflow, orders submitted from Excel are staged. The user must open the order center in TradeSmart to review and send them for execution. A staged order is not the same as an executed order.
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That requirement should not automatically be applied to the normal BidFX desktop workflow. Public materials do not establish that the desktop EMS uses the same sequence for Tsuwamono orders.
Who can use the strategies?
The 2019 announcement said clients could access the strategies through BidFX, but it did not say access was automatic for all BidFX users. Availability can depend on factors such as:
- whether the firm is a BidFX customer;
- whether Nomura has approved the firm for the relevant service;
- the user’s trading permissions and account configuration;
- the currency pair and order type;
- the client’s region and applicable documentation; and
- whether the relevant strategy is currently enabled.
Nomura’s current electronic-trading page lists BidFX / Trading Screen among its FX electronic-trading platforms and indicates spot-algo availability for that platform. This shows that the channel remains represented in Nomura’s platform matrix. It is not proof that a particular user can see or trade every Tsuwamono strategy.
Similarly, BidFX’s current mobile application requires users to be BidFX customers and explicitly authorized for mobile access. That requirement does not prove that the user has access to Nomura’s Tsuwamono algorithms.
BidFX’s ownership and current documentation
BidFX was originally spun out of TradingScreen. On July 7, 2020, Singapore Exchange completed its acquisition of the remaining 80% of BidFX, making BidFX an SGX subsidiary.
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Current public materials are branded SGX FX Public API Documentation, although they continue to use BidFX product and API domains. The documentation describes BidFX as a cloud-based EMS supporting streaming prices, request-for-quote trading, voice workflows, algorithmic trading, and best-execution processes.
This ownership history is relevant when checking older coverage. Some references continue to describe BidFX mainly through its historical TradingScreen connection, but BidFX is now part of SGX’s FX business.
Common errors in reports about the integration
| Claim | More accurate version |
|---|---|
| Nomura added the algos in April 2023. | The underlying announcement was made on October 31, 2019. April 2023 may be an update or republishing date shown by a secondary site. |
| The product is called “Tsuwamonon.” | The correct name is Tsuwamono. |
| BidFX is still simply a TradingScreen subsidiary. | SGX completed its acquisition of BidFX’s remaining 80% on July 7, 2020. |
| The integration guarantees cheaper or faster execution. | No independently verified performance figures or guarantees were published. |
| Every BidFX user can access all five strategies. | Access is entitlement-dependent and may vary by account, region, pair, and strategy. |
What personal investors should take from this
For most individual investors, the integration has no direct action to take. Tsuwamono is an institutional FX execution service accessed through a professional trading relationship with Nomura and BidFX. It is not a retail brokerage feature that an individual can ordinarily activate from a personal trading account.
The broader lesson is that an algorithmic execution label does not by itself establish lower transaction costs or superior performance. Before evaluating any FX execution service, an investor or treasury team should check the full spread, commission, financing costs, order limits, execution policy, liquidity arrangements, and reporting available for the account.
Institutional users who believe they should have access should ask their BidFX administrator or Nomura contact which strategies and parameters are enabled for their account. They should also confirm whether an order is staged for review, submitted for execution, rejected, partially filled, or completed. Public sources do not document Tsuwamono-specific rejection codes, unsupported-pair rules, minimum sizes, or error messages, so those details should be obtained directly from the authorized provider.
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FAQ
When did Nomura add Tsuwamono to BidFX?
The announcement was made on October 31, 2019. Reports describing the event as an April 2023 launch are using a later update or republishing date, not the date of the original announcement.
What is Tsuwamono?
Tsuwamono is the collective name for five Nomura FX execution algorithms: TWAP, SATORI, NINJA, SAMURAI, and SHOGUN.
Is Tsuwamono available to every BidFX customer?
Not necessarily. Availability is entitlement-dependent and may vary by customer, account, region, currency pair, and strategy. Nomura’s platform listing does not guarantee access for an individual user.
Is BidFX a retail trading platform?
BidFX is an institutional FX execution-management system. The Nomura integration was announced for institutional clients, not as a standard retail trading feature.
Does using a Nomura algorithm guarantee better FX execution?
No. The announcement did not publish independently verified performance figures or guarantees concerning transaction costs, market impact, speed, or execution quality.
Can I use the BidFX mobile app to access Tsuwamono?
Public information only establishes that BidFX mobile users must be customers and explicitly authorized for mobile access. It does not establish access to Nomura’s Tsuwamono strategies.
The Bottom Line
Bottom line: Nomura’s five Tsuwamono FX algorithms became available through BidFX in October 2019, giving eligible institutional clients another set of execution tools. The correct name is Tsuwamono, not “Tsuwamonon.” Current Nomura materials still list BidFX / Trading Screen as an FX-algo channel, but access, supported instruments, parameters, and execution outcomes must be confirmed with Nomura or the client’s BidFX administrator.
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