| TradingScreen, a provider
of multibroker electronic trading platforms, has launched
TradeFX, a trading module that the company says simplifies
foreign exchange trading by aggregating financial information
from multiple sources and brokers onto a single screen
interface. "TradeFX allows [clients] to connect
directly to a large number of large market makers,"
said Philippe Buhannic, the CEO of New York-based TradingScreen.
"It also allows them to connect to [multidealer
trading] venues such as Currenex or to [the Chicago
Mercantile Exchange's] Globex for FX futures. Effectively,
the client is getting complete connectivity to whatever
liquidity pool exists."
TradeFX users can trade across a full spectrum of electronic
trading models and can view consolidated quotes across
multiple banks and several aggregator platforms, the
company added. Clients have the ability to trade global
equities, options, warrants, convertible bonds and futures
all on the same platform.
"We found that on the electronic side, the FX
market was becoming a little too complicated for the
client because you had more and more electronic venues
like Hotspot and FXall," Buhannic observed. "If
you are a client, you are trying to address all of this
liquidity. We felt there was a point in simplifying
that and bringing the buy side to one place, either
through a GUI [graphical user interface], a FIX connector
or a trade-enabled spreadsheet, and to bring that all
into one neat package so the client can tap any type
of liquidity pool they want. We will connect to them
and we will bring them into one single format."
TradingScreen was also looking to answer the need of
large clients to better monitor and manage their FX
exposure, Buhannic added. "The clients are finding
it advantageous to automatically hedge their exposure
when they execute an order or to hedge at the end of
the day an entire position," he said. "We
have built a large number of features that are allowing
them to hedge this risk automatically."
TradeFX differentiates itself from competitors in that
it acts more as a connector to various liquidity pools
rather than serving as a liquidity pool itself, said
Buhannic. "We have a growing number of liquidity
providers ... or brokers we have been asked to connect
to, and each and every broker is a liquidity source
as well, and we can connect to that," he said.
"We don't compete with these people, we bring something
new. We are a complement to them."
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