ADMISI eFX: Inside the eFX Desk Most of the Market Has Never Heard Of

By Sam Low | LiquidityFinder

There is something fitting about discussing a business that most of the FX market does not yet know about in a restaurant that most of the City has not yet found. Camino on Curtain Road, just off Shoreditch High Street, was pretty quiet when we arrived mid-week for lunch. It is one of those places that people perhaps walk past a hundred times before someone finally invites them along for a long lunch. Once inside, the tiled floors, dusty pink walls, and smell of something involving chorizo and sherry make you wonder why it took so long. I love tapas when I can get it, especially in a place that is a favourite of someone else. I was a bit surprised that such a large place was so quiet. Maybe something to do with the heavy rain outside?

It was here, over a very enjoyable long tapas lunch, that I sat down with Peter Brooks and Jess Reed from ADMISI eFX. The plate of padron peppers arrived without me even having to think about it. Jess suggested we order for the table. Being one of her and Pete's regular haunts, I happily agreed.

Quite often when I drive up a British motorway I pretty much always see a big white lorry with ADM on its side. Huge trucks carrying grain, sugar, soybeans, or some other commodity. Archer Daniels Midland is one of the oldest and largest agricultural commodities companies on the planet, founded in 1902, headquartered in Chicago, and listed on the New York Stock Exchange with a market capitalisation that has recently hovered around the $32 billion mark. The company employs more than 40,000 people in operations spanning virtually every continent and was named to FORTUNE Magazine's Most Admired Company list for 2026.

What most people in the FX world do not know (especially outside of London) is that within the London arm of that global giant sits a dedicated electronic FX desk, staffed by seasoned market professionals with deep technical and market backgrounds, offering pure agency execution backed by one of the largest non-bank balance sheets in the industry. ADMISI eFX is perhaps one of the best-kept secrets in the institutional foreign exchange market.

Veterans on The Desk

Peter and Jess are not newcomers to institutional FX. Both cut their teeth in London's derivatives market long before the eFX world existed in its current form. Peter started as a teenager on the LIFFE floor in the days of open outcry, working as a yellow jacket before progressing through Man Financial and Credit Lyonnais Rouse, where he spent the best part of a decade trading UK, European and US equities on the CFD desk. He then joined Sucden Financial at the inception of its eFX operation and stayed for 14 years, helping to build it from the ground up alongside well-known industry names Jonathan Brewer and Raj Sitlani.

Jess followed a similarly deep career path through futures and technology companies, working at the LIFFE exchange, Trading Technologies and then GH Financials for six years, where she headed up the client services team before moving into FX at Reuters. From there she joined Integral, where she again headed up the client service team before becoming Sucden's account manager. She later crossed over to join him at Sucden for eight years building a team of account managers and analysts. When the opportunity came to build something new at ADM, they moved together.

That shared history matters. In a business where trust between the desk and the client is everything, Peter and Jess bring a combined track record spanning several decades of institutional FX and derivatives execution. They know the technology stack inside out, they understand the pain points of onboarding, and they have existing relationships across the broker, fund, and corporate treasury landscape.

Understanding the Proposition

So, what exactly is ADMISI eFX, and where does it sit in the institutional FX food chain?

ADMISI (ADM Investor Services International Limited) is a full-service, multi-asset brokerage company with over one hundred years of corporate history in the City of London. It is authorised and regulated by the Financial Conduct Authority (FCA), is a member of the London Stock Exchange, and holds memberships at most of the world's largest derivatives exchanges including the LME, ICE, Eurex, CME, and SGX. In the futures industry, ADMIS (the US parent) is recognised as one of the largest non-bank Futures Commission Merchants in the United States and a registered clearing member of CME Group. That clearing capability extends across multiple asset classes and gives the firm a depth of infrastructure that very few eFX-only operations can match.

Within that wider business, the eFX desk operates as a pure agency broker. There is no proprietary trading book. There is no internalisation of client flow. Pricing comes directly from tier-1 banks and non-bank market makers through ADMISI's relationships.

"It is all agency. We do not take any risk on the FX side. Not just as a desk, but as a company. There is no proprietary business being traded."

Peter Brooks

Head of eFX, ADMISI eFX

Agency-only execution, backed by a Fortune 50 parent company's balance sheet, is a combination that is genuinely difficult to find elsewhere in the prime-of-prime space.

Broader Than You Think

With the table now covered in small, delicious plates of food (how many items on the table had passed through the ADM commodities network at some point?) we got to the heart of the matter. If there is one misconception that Peter and Jess are determined to correct, it is the assumption that ADMISI's FX business exists solely to serve the parent company's commodities hedging needs. While the agricultural roots run deep and the firm's commodity desks are naturally among its most active internal users of FX, the eFX desk is built to serve a far wider universe of clients.

"We service a whole host of clients, and it can range from a retail broker to an asset manager, small hedge fund, regional banks, proprietary houses. There probably isn't anyone that we would not look at."

Peter Brooks

Head of eFX, ADMISI eFX

ADMISI does not face retail clients directly. Everything else is a conversation to have: B2B retail brokers looking for institutional liquidity, prop trading firms, asset managers, corporate treasury departments, payments companies, and regional banks. Each relationship is assessed on its own merits, with bespoke solutions tailored to what the client actually needs rather than a one-size-fits-all product.

Jess was very candid about the awareness challenge they face:

"I think the biggest misunderstanding here in London and Europe is that we actually offer FX services. And it is not just a treasury function. It is an actual product that we're trying to promote. A standalone product, not just for commodities companies."

Jess Reed

Head of eFX Business Development, ADMISI eFX

That gap between capability and awareness is, arguably, the single biggest commercial opportunity for the desk right now. A bit like Camino itself, the service is excellent. Once people know about it, people will come through the door.

Deliverable FX: A Rare and Genuine Differentiator

In the world of B2B eFX, most brokers focus squarely on speculative and hedging flow. Trades are executed, margins are posted, and positions are rolled or closed. Physical delivery of currency is someone else's problem. ADMISI is different. The desk operates a fully functional deliverable FX business alongside its electronic pricing, and that is a significant differentiator.

The firm currently delivers across 25 to 30 currencies, covering the G7 majors and an expanding roster of emerging market and frontier currencies. When a client recently requested the ability to settle in Saudi Riyal, ADMISI opened the necessary Nostro account and had the capability live in short order.

"As long as our bankers have a route in and we have the capability to deliver into that space, we'll definitely look at it."

Peter Brooks

Head of eFX, ADMISI eFX

This on-demand approach to currency expansion is unusual and speaks to the flexibility of having a global commodities giant behind you. ADM already maintains banking relationships in markets that most eFX brokers would never touch.

What does a deliverable relationship with ADMISI actually look like? Peter described a range of use cases. At one end, payments companies plug into ADMISI's platform, and their clients execute small tickets, sometimes as low as two or three thousand dollars, throughout the day. The desk nets everything down and settles the resulting balance. At the other end, tickets can run into tens of millions. The liquidity is configured to accommodate both.

"We net all those figures down at the end of the day and only pay out what that equivalent will be during the trading day. We have tickets ranging from the smallest, like one to two thousand, that are trading through, up to in the tens of millions."

Peter Brooks

Head of eFX, ADMISI eFX

For payments firms, fintech treasuries, and corporate importers and exporters looking for a regulated, well-capitalised counterparty that can execute and physically settle across dozens of currencies, this capability makes ADMISI worth a serious look.

Built on Integral, Open to the Market

The conversation turned to technology, and I kind of knew where it was going to go. (Spoiler — Jess and I worked together at Integral for a few years.) The backbone of the eFX desk is, indeed, Integral, one of the most widely deployed platforms in institutional FX. Jess ran the selection process, evaluating around ten vendors before settling on a platform she already knew well from 15 years of working with it, both as a vendor and as a client.

"We wanted a partner to grow our business with. Having worked at Integral and used the platform for something like 15 years, for me they were a tried and tested product. They understood our business and how to help us grow."

Jess Reed

Head of eFX Business Development, ADMISI eFX

Integral powers the full stack at ADMISI: external client pricing, internal sales dealer functionality for the commodity desks, and a white-labelled, HTML-based front end branded for ADM. The commodity desks can trade FX on behalf of their clients and the entire flow STPs straight through to the relevant account.

For external distribution, the desk can price into FXall, 360T, and SGX, allowing corporate and institutional clients to access ADMISI liquidity through their existing preferred venues. Retail brokers can connect through standard bridge integrations, making it a plug-and-play setup for many potential clients.

The desk also maintains a 24-hour voice capability for larger or more complex orders, with FXall used as the primary execution venue for block-sized trades that need more careful handling.

Competitive Where It Matters

On the subject of margin and leverage, Peter is characteristically straightforward. ADMISI is not trying to win a race to the bottom on margin requirements, and they make no apology for that.

"I wouldn't say we're the most aggressive on margin. We don't claim to be, and we do not want to be. I would say we're in line with our peers on G7 and some of the exotics."

Peter Brooks

Head of eFX, ADMISI eFX

Where the desk does aim to outperform is on swap and Tom/Next rates. Experience in eFX can add real value by optimising how overnight financing is priced, and it is often a more meaningful cost saving for active traders than a marginal improvement in leverage. Peter describes their philosophy as: give the client a fair rate so they want to stay.

The approach to risk management reflects the institutional DNA of the broader business. Margins are set centrally and monitored daily, and on a three-day rolling basis. When gold was surging to repeated all-time highs in recent months (and its cousin silver following suit), the desk held its nerve rather than imposing sudden margin increases that can wrong-foot clients at the worst possible moment.

"We don't want any knee-jerk reactions and change margin on clients because we know how that can affect a client. But we take it very seriously to make sure that clients are well funded."

Peter Brooks

Head of eFX, ADMISI eFX

This measured, long-term approach to risk is what you get from a desk sitting inside a 120-year-old commodities institution. This is not a business that is going to blow up over a weekend.

The Road Ahead: Digital Assets and a Global Push

By the time we had moved on to coffee, the conversation turned to where the business goes next. The eFX desk has been live with its full front-to-back solution for roughly 18 months, and the pipeline of opportunities is growing.

The digital asset space is another area of interest. While ADMISI is not about to start making markets in Bitcoin, the team has identified a clear opportunity in servicing the FX needs of crypto-native companies. Many digital asset firms, including exchanges, payment processors, and funds, struggle to secure reliable FX services due to compliance concerns on the banking side. ADMISI is ready and positioned to serve this underserved segment.

"I definitely think there's opportunities for us there. There's a big correlation between cryptos and FX and it's kind of like getting those two worlds to collide."

Jess Reed

Head of eFX Business Development, ADMISI eFX

Peter added that the services could range from straightforward spot FX execution to helping digital asset firms crystallise profits and convert into fiat currencies.

Jess also highlighted the broader strategy within ADMISI to drive a collaborative, global approach to growth across the US and Asia offices.

"There is an ongoing collaborative drive to work with the US and the Asia offices. If we work together, we're stronger. That's something that we're all in agreement on."

Jess Reed

Head of eFX Business Development, ADMISI eFX

Regional banks are another target segment. ADMISI's balance sheet allows it to extend credit lines that smaller prime-of-primes cannot, and the ability to offer a white-labelled trading platform alongside those credit lines makes for a strong package, particularly for banks in emerging markets that may find it difficult to access Tier 1 liquidity through other channels.

Why ADMISI eFX Should Be on Your Radar

By the time we called for the bill, I had been at the table for the best part of two hours. I had eaten more tapas than was strictly necessary for a Tuesday lunchtime. Camino, it turns out, is one of the better-kept secrets in this part of London.

And that, as it happens, is exactly the point. ADMISI eFX has the same problem as the restaurant: an excellent product that not enough people know about yet.

What did I take away from meeting Pete and Jess? (When you get to know him, he likes being called Pete.)

The institutional FX prime-of-prime space is crowded, and most of the firms competing in it look broadly similar: similar technology, similar LP relationships, similar marketing. ADMISI eFX stands apart for several reasons:

Balance sheet and parentage. ADM is a NYSE-listed, Fortune 50 company with a market cap north of $30 billion and over a century of operational history. That translates directly into counterparty confidence, credit capacity, and longevity of relationship. This is not a startup PoP that might not be around in three years.

Pure agency model. No proprietary trading, no internalisation, no conflict of interest. The desk earns its revenue from servicing clients, not from trading against them. It can make decent revenue on turnover, as it has the scale.

Deliverable FX. The ability to physically settle across 25 to 30 currencies (and growing) is rare among eFX brokers. For payments companies, corporates, and treasury operations, this is a genuine differentiator.

Multi-asset clearing heritage. As one of the largest non-bank FCMs globally, ADMISI can clear across futures, options, equities, and FX. For clients who operate across multiple asset classes, the ability to consolidate with a single counterparty is operationally valuable.

Exotic currency reach. ADM's global commodities operations mean the firm already has banking relationships in markets that most FX brokers cannot access. If you need to deliver in an unusual currency, the infrastructure may already exist at ADMISI. If not, the sense from the desk is that they will do their best to accommodate.

Measured risk management. No knee-jerk margin calls, no racing to the bottom on leverage. This is a desk that thinks long-term, not in quarters.

The biggest risk for ADMISI eFX is not that the product is weak. It is that the market simply does not know the product exists. If you are a retail broker looking for a well-capitalised liquidity partner, a payments company seeking deliverable FX with institutional pricing, a corporate treasurer who needs to settle in exotic currencies, or a digital asset firm that has been turned away by more cautious counterparties, a conversation with ADMISI might be one you want to think about having.

Peter and Jess are building something serious at ADMISI in London, based on years of FX market and technology experience. If you ever get invited out for a tapas lunch by Pete and Jess, take it.

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Author

Sam Low is the Founder of LiquidityFinder. With over 18 years in working with FX trading technology, Sam has deep experience in the FX (forex) trading industry, working with brokers, liquidity providers and end traders themselves.

You can message Sam directly here.