Toby Baker, T. Rowe Price: FX in the Machine Age

As he prepares to retire from a 40-year career in FX, including the last 25 at T. Rowe Price where he currently serves as Head of FX, Toby Baker reflects on how technology has transformed buy-side trading desks. He examines how the rise of e-trading reshaped market structure by driving new efficiencies, and explores the next wave of innovation — from AI and automation to tokenisation and advanced data analytics — set to define the future of FX trading. Baker also discusses the pivotal role FX plays as both a global asset class and a core component of investment portfolios, and considers how traders can continue to add value in an increasingly automated environment. Finally, he reflects on the best career advice he has received and shares his own guidance for the next generation of FX professionals.