Tradefeedr announced on Tuesday that Goldman Sachs, UBS and XTX Markets have become the first market makers to join its platform.
Launched last year, Tradefeedr provides a platform for companies to share foreign exchange trading data.
London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now
Based in London, the firm has already worked with retail broker CMC Markets.
The technology company was founded by Alexei Jiltsov and Balraj Bassi – two former currency traders that set up FX hedge fund Blacktree Investment Partners in 2009.
“Tradefeedr was born of the fact that to achieve better execution both liquidity providers and liquidity consumers need to engage better and what was missing in that interaction is a common data platform,” said Jiltsov.
“For the first time FX players can use and query a dedicated trade-event repository to share relevant metrics without revealing sensitive details.”
Data shared over the Tradefeedr platform can allow market participants to gain a number of different insights into their trading capabilities.
For instance, a company could see how well its trading algorithm would perform when used with different liquidity providers.
The companies that have joined the platform are also unlikely to be the last.
In a statement, Tradefeedr said that it “will be continuing to onboard more [financial] institutions” in the coming weeks.
”Tradefeedr will enable liquidity providers and clients to analyse and have conversations about data together on a shared platform,” said Jeremy Smart, global head of distribution at XTX Markets.
“For many buy-side firms, this is the first time they’ve had access to such sophisticated, independent analytics and been able to evaluate all their liquidity providers – for risk-transfers and algorithms – in one place. More transparency and more informed clients will result in a fairer market for all.”
Source: Read Full Article