The integration will see Societe Generale’s algos featured in Tradefeedr’s Pre-trade Algo Forecasting offering. The service gives colour on expected algo behaviours and recommends the optimal strategy based on the conditions and characteristics of an order. 

“We are confident that we can leverage Tradefeedr’s service to improve client outcomes across our algo and principal FX business lines”, said John Estrada, global head of FX trading at Societe Generale. 

“As the FX market continues to become more data driven, we expect additional client interest in metrics to improve their trading.”

Societe Generale will also be able to offer its clients access to Tradefeedr trading analysis via an API. 

“We are thrilled to welcome Societe Generale as our latest Liquidity Provider,” said Balraj Bassi, co-founder and CEO of Tradefeedr.

“This collaboration furthers our goal of standardising data metrics and analysis for FX trading teams globally. Furthermore, Societe Generale inclusion into our FX Pre-trade Algo Forecasting service will offer all clients enhanced insights and data, helping them make better and more informed decisions.”

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As part of the deal, clients of FactSet will be able to connect to Tradefeedr’s analytics services via its Portware EMS.

“Our clients are increasingly demanding advanced FX analytics, to inform their decisions and improve trading outcomes,” said John Marchese, VP head of FX EMS sales at FactSet.

“Integrating Tradefeedr’s API into our EMS will inform pre-trade decision-making about the execution of particular trades, providing high levels of automation and data-driven recommendations based on data.”

Clients will also be able to access a new pre-trade decision making service which will enable asset managers and hedge funds using the Portware EMS to select algo execution or request for market, as well as selecting a liquidity provider to use depending on requirements.

“This collaboration with FactSet automatically provides clients with a cohesive and transparent view of trading data, enabling more astute decision-making,” said Balraj Bassi, chief executive and co-founder of Tradefeedr.

“Our network of clients, LPs, venues and EMS partners continues to grow, meaning that the Tradefeedr APIs are fast becoming the new standard for trading analysis, decision support and buy-side to sell-side collaboration. This connection enables us to bring new asset manager clients to the Tradefeedr network, which will enhance market transparency, and further improve FX analytics for the benefit of all participants.”

FactSet is not the only EMS or execution platform to be built out to by Tradefeedr in the last 12 months.

In September last year, the firm confirmed a partnership with FlexTRADER EMS, aimed at expanding FX pre-trade forecast data.

It also integrated with LSEG FX in February in a deal aimed at expanding FX execution optionality by building out to LSEG’s FX trading ecosystem and FXall platform.

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Citi appointed Mitali Sohoni as new head of North America markets alongside other senior leadership changes. Sohoni has been selected to head up the bank’s North American markets business alongside her existing role as head of asset backed financing. In her new role  she will coordinate strategy for the division. Sohoni joined Citi 19 years ago and during her tenure has overseen several business areas, including: credit financing, asset-backed securities, clean energy, global infrastructure, residential, Citi Community Capital, municipal, and Citi’s Asset Finance Group.

Elsewhere, Citi named a new chief executive of its broker dealer entity Citigroup Global Markets Inc (CGMI). Dina Faenson takes on the responsibility alongside her existing role as head of markets counterparty trading and risk. Faenson joined Citi in 2005 as a credit valuation adjustment (CVA) trader. During her tenure she has gone on to serve in several capacities across North American rates trading, rates and currencies, cross-markets, and X-value adjustment trading.

Banque Havilland multi asset trader Mark Ralph joined the prime services team at Marex, based in London. Ralph joined from Banque Havilland where he served for seven years, most recently working in prime services and as a multi asset trader, focused on trading strategies and “bespoke” multi asset solutions for clients. Prior to this, he spent more than eight years at Societe Generale Corporate and Investment Banking (SGCIB), working across multi asset sales and trading, hedge fund sales, and prime brokerage.

DWS Group senior equity trader, Alex Cotar, departed for pastures new after over 16 years at the asset manager. Cotar left the asset management arm of Deutsche Bank to join Bankhaus Metzler as an equity sales trader, having originally joined DWS Group back in 2008 as a senior equity trader covering Europe and emerging markets. Prior to joining DWS Group, Cotar spent over 12 years at UBS Investment Bank originally serving in an equity derivatives sales trading role and later working as an equity trader for Europe.

MarketAxess appointed John Maggiacomo as head of client sales in North America, a newly created position at the firm. Maggiacomo joined from Royal Bank of Canada (RBC), where he most recently served as head of US credit sales. Elsewhere in his career, Maggiacomo spent 11 years at Bank of America Merrill Lynch, where he served as managing director, credit sales. As part of his new role, Maggiacomo will be responsible for sales leadership for MarketAxess’ North American client sales segment, with a focus on expanding its institutional client footprint across all product areas.

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Tradefeedr’s industry advisory board was established earlier this year and seeks to “collaborate with industry leaders to create a trading process that is more transparent and data driven” by bringing together established and knowledgeable market participants.

It is currently comprised of 15 buy-side, 10 sell-side, and six platform members. Specifically, established members include individuals from MEAG, Norges Investment Management, DWS, T.Rowe Price, Millenium, Barclays, JP Morgan Chase, Deutsche Bank, UBS, and LSEG, among others.

“Our thanks go to each person who has generously committed their time to our Industry Advisory Board. In the last three years, Tradefeedr has scaled significantly, incorporating more buy-side clients, LPs, and platforms into the ecosystem,” said Balraj Bassi, chief executive and co-founder of Tradefeedr.

“To maintain our leading position, innovation is key – both in refining our current offerings and developing new services. Insights from our Industry Advisory Board will be instrumental in meeting customer needs and guiding investment in new and impactful products for our extensive client network.”

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The initial scope of the partnership intends to focus on pre-trade decision support for the buy-side and corporates, liquidity optimisation and reporting for sell-side users on LSEG’s platform and to deliver Tradefeedr’s analytics within LSEG’s Workspace platform.

Tradefeedr’s unified APIs will be integrated with LSEG’s FX trading ecosystem and FXall trading venue to develop a “new standard for automated FX trading”.

 “Tradefeedr will be a welcome addition to the LSEG Workspace and LSEG FX ecosystems,” Dean Berry, group head of workflows at LSEG.

“By bringing together LSEG Workspace, FXall, and Tradefeedr, we aim to deliver another key element in our strategy to empower customers with data, analytics, and workflows across the trade lifecycle.”

Tradefeedr claims to have up to 21 liquidity providers, 50 buy-side and 10 trading venues included in its analytics network.

 “As our Open APIs gain market traction, they are becoming the new standard for trading analysis, decision support and buy-side to sell-side collaboration,” said Balraj Bassi, CEO and co-founder of Tradefeedr.

“This partnership will enable us to bring new clients and liquidity providers to the Tradefeedr network, which will drive the interoperability of data and standards, enhance market transparency, and further improve FX analytics for the benefit of all participants.”

LSEG has made significant investment into its FX offering in recent months, leveraging it’s now fully integrated FXall platform acquired as part of its Refinitiv deal in 2021.

The exchange operator’s new Singapore–based NDF matching platform went live in November last year, followed by an announcement unveiling a new integrated FX solution in partnership with FlexTrade in December.

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Data analytics in financial markets has reached the point where clients have access to complete global data sets, and we see 2024 as the year where this will drive change in how counterparties interact and in automating trading workflows. Firstly, with more data freely available in data networks it will become easier for buy- and sell-side firms to interact and collaborate, using data to make decisions about who they trade with and how they execute trades most effectively and profitably. Trading data made available via APIs informs trading decision making, and trading desks are starting to automate their workflows using the information contained in the data sets.

In 2024, we to see an increased use of trading algos in FX. As the use of data increases, we also see increased demand for data networks supporting multiple asset classes. Tradefeedr’s initial focus was FX, and in response to client requests we will launch equities and futures in 2024.

David Taylor, chief executive officer, Exegy

In 2022, we conducted a survey of executives in principal trading, brokerage, and asset management firms to quantify demand for buying predictive signals and content from third-party providers (like us) as a supplement to internal development. Around 10% of firms were engaged with third-party providers, 20% were actively evaluating third-party offerings, and 40% predicted that an engagement with a third-party provider was likely in the next one to two years. This aligned with other industry analysts who projected the alternative data market to grow at over 50% CAGR over the next five years. 

As the table stakes continue to rise to be competitive in electronic trading globally, firms will expand their sourcing and integration of solutions from trusted third-party experts. Increasingly, this will include AI technology, predictive signals, and components of quantitative strategies, as firms are forced to rethink the boundaries of their own expertise and drivers of their sustained alpha.

Robin Mess, chief executive officer and co-founder, big xyt

In recent years, navigating the European market has proven to be a formidable challenge, marked by growing competition, additional legislations and venues. The industry shares the hope that policymakers will transform the entire region into a more alluring investment hub, fostering consistency over internal European competition.

Propelled by innovation and technology, 2024 will witness exchanges and venue operators enhancing their appeal to market participants through the introduction of novel or revised mechanisms, whilst liquidity providers increasingly engage with buy-side firms. Asset managers are anticipated to spearhead and embrace emerging trends, particularly the rise of active ETFs along with ETF-specific execution algorithms. Across all asset classes, the significance of execution analytics, pre-trade estimations, and the automation of processes such as swing pricing will be more pronounced than ever.

As the trading industry increasingly becomes data-centric, its pivotal role in driving and implementing long-term initiatives will include actively contributing to the realisation of the consolidated tape and transitioning towards T+1 settlement. The year will also bring more clarity about use cases leveraging generative AI and digital assets.

Kamala Kannan, director, corporate actions, S&P Global Market Intelligence

Trade data between parties has always been undisclosed, with anonymity maintained throughout the trade life cycle leading to difficulties in tracking the end-to-end trade movement, eventually leading to trade matching or settlement failures. Considering recent developments around Unique Transaction Identifier (UTI) and fintech firms offering collaborating solutions, remaining undisclosed will no longer be possible, as further data sharing platforms emerge focused on marrying both sides of the transactions and provide a unified view to the final consumer.

As participants openly share their data, platforms can link entire settlement parties involved in the trade life cycle and provide end-to-end transaction visibility with the transaction status (both buy- and sell-side), discrepancy details etc., using a common reference like UTI or other trade parameters. When settlement information is shared reciprocally between counterparties, it will enable firms to identify and correct the inefficiencies at early stages of the trade and prevent failure in matching or settlement, which will be crucial in T+1 environments with shortened settlement cycles.

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Using Tradefeedr’s unified data API, clients of TD Securities will be able to access and analyse all their trading data, increasing transparency and engagement for all parties.

Trading data from TD Securities will flow to the Tradefeedr platform automatically making TCA, client analysis, comparisons and benchmarking more consistent.

Using Tradefeedr will also allow TD Securities to have a data dialogue with its buy-side clients, with all parties using the same analytical tools for review meetings or algo analysis.  

“We are delighted to welcome TD Securities as our newest Liquidity Provider,” said Balraj Bassi, co-founder and chief executive of Tradefeedr.

“Connecting to the world’s leading financial institutions allows us to capture, standardise and analyse more trading data, which delivers new insights and better decision making for all.”

Earlier this year, FlexTrade integrated Tradefeedr’s FX pre-trade forecast data into its multi-asset platform, FlexTRADER EMS, to deliver enhanced data-driven workflows.

The new offering is available for FlexTrade’s buy-side clients and will help improve transparency and enhance trade decision-making.

Tradefeedr’s data analytics network now includes 21 liquidity providers, 50 major buy-side firms and 10 trading platforms.

“Tradefeedr allows us to conduct TCA and standardise our client reporting using trusted independent analytics,” said Ellie Griffiths, global head of eFX sales at TD Securities. 

“In addition, we are now able to deepen relationships with clients by identifying growth opportunities, using data to increase engagement.”

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London-based FX data analytics platform Tradefeedr today released its Algo Forecasting Suite, a collection of pre- and post-trade tools for clients to analyse and select the most appropriate FX execution algos.

The new service was developed, refined and back-tested against Tradefeedr’s database to achieve accuracy, resulting in a mean global forecast for the dataset in 2022 that differed from the actual result by only 0.06bps. 

The new service supports client decision-making in terms of whether to use an FX algo, expected algo behaviour, and the most suitable algo given market conditions, risk appetite, time, or audit constraints. In addition, it provides post-trade statistics compared to Tradefeedr forecasts, and the opportunity cost of not using alternative execution algos. 

Read More – FX trading shifts towards listed markets as regulatory impact hits

FX Algo Forecasting is currently available via API and Excel, allowing users to create their own pre- and post-trade automation. Over the coming weeks it will also be added to the Tradefeedr dashboard of services.  

“The Algo Forecasting Suite allows clients to access accurate and independent data to better inform their algo execution strategies, and to analyse performance after the trade,” said Tim Cartledge, chief data officer at Tradefeedr.  

“At the heart of the new service, we have developed the Tradefeedr Cost of Liquidity score, where we have pioneered a method of collapsing volatility, liquidity provider pricing, currency pair and time of day down to a single number. This allows us to analyse algo performance across significantly different markets and conditions to ensure that comparisons are made on a like for like basis.”

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Chris Povey, executive director, CME Group:

Stephan von Massenbach, chief revenue officer at DIGITEC: The latest FX triennial survey data showed continued growth of FX swaps, despite this part of the market still being very manual. The overall theme for 2023 will be the continued automation of FX swaps, which will drive electronification and volume growth, with technology playing a key role. One of the main drivers of electronification is the need for banks to more accurately price FX swaps in the volatile interest rate environment and the need to capture and use high quality market data. As FX workflows become more automated, more data than ever before is being analysed in search of better trading and execution. Systems must be capable of managing vast amounts of data at higher levels of intensity. In the past this was usually done using Excel, but increasingly those spreadsheets are being replaced with more robust systems. Another driver is the growth of the cloud, where powerful cloud-based FX applications are more accessible, meaning that an increased number of smaller banks can support more currency pairs and efficiently make more accurate prices. As more firms participate in the FX Swaps and NDF market we expect to see increased trading volumes and an acceleration towards a more electronically traded landscape.

Balraj Bassi, co-founder at Tradefeedr: As FX firms focus on increasing efficiency and demonstrating best execution, data analysis continues to be important for all sizes of trading organisations. Where 2022 saw the majority of buy-side firms use data analytics for transaction cost analysis (TCA), 2023 will see more advanced functionality including, for the first time, the analysis of different trading algos under different market conditions. The FX market continues to be highly fragmented, which used to limit the effectiveness of data analytics, with multiple different data formats coming from a wide variety of venues and liquidity providers. During 2023, we will see more buy-side firms demanding a single, consistent and independent view of their trading data, irrespective of where they trade – a trend that has been growing over the past year. With this better-standardised data, market participants gain new insights and ultimately make better trading decisions.

Vikas Srivastava, chief revenue officer at Integral: The return of meaningful volatility to the FX markets, perhaps for the first time in over a decade, has made it much harder for firms to obtain optimal pricing. Investment managers, particularly those heavily exposed to sterling/dollar (GBP/USD) and euro/dollar (EUR/USD), have had to deal with significantly higher levels of volatility. Those with broad connectivity to liquidity sources and automated workflow have found the recent volatility to be quite manageable. In order for the fund managers to achieve best execution in 2022, they need advance technology that enables them to minimise both the explicit and the implicit costs of trading. With market volatility is unlikely to go away, cloud-based technology provides flexibility and resilience in accessing the right liquidity even in turbulent times, allows for optimal netting and comprehensive execution methods tailored for different currency pairs and trade sizes.

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Deutsche Bank appointed Ruchir Sharma as its new co-head of global foreign exchange (GFX) for Asia Pacific. Sharma brings 20 years’ experience across FX and fixed income markets to Deutsche Bank, joining from Credit Suisse where he served as managing director and head of FX trading for the Asia Pacific region. As part of his new role, Sharma will help drive the strategic direction of the firm’s FX business.

Mizuho Americas appointed David Moore as managing director and head of macro trading. He joins the firm from BNP Paribas, where he served as head of G10 rates Americas sales and trading. Before that, he served in a variety of senior leadership roles at Bank of America, including managing director of interest rates. As part of his new role, Moore will oversee Mizuho Americas’ macro trading business units including secured financing/repo, rates cash and derivatives and foreign exchange.

European equity research and execution firm, Redburn, appointed Andrew Quick as its new global head of execution services. Andrew Quick was promoted to head up execution services globally, after serving with the firm for the last 13.5 years. Originally joining the firm in 2009 as an equity sales trader, Quick has served as the firm’s pan-European head of sales trading for the last nine years. Previously in his career he spent 10 years at Dresdner Kleinwort as an equities sales trader.

Capital markets infrastructure provider Clear Street appointed Colin Bridges as managing director, head of prime services. Bridges joined the firm from Cowen where he spent the last six years, most recently as director, prime brokerage sales and prior to that, as vice president, prime brokerage sales. Before joining Cowen, Bridges spent nearly three years at Global Prime Partners in a hedge fund sales role. He also spent five years at BNP Paribas, most recently serving in an equity financing, prime services sales and onboarding role.

Elsewhere, Clear Street expanded its institutional sales team with the addition of six senior sales traders in New York and Chicago, and two equity finance professionals in New York. The six traders joining Clear Street in equity sales and trading roles are David Diaz, Chris Tierney, Erika Thomas, Frank Davis, John Spiegelman and Louis Natoli II. Alongside the expansion of its institutional sales team, Clear Street appointed two new experts, Bjorn Franson and Micheal Batanjanu, in its equity finance team.

Stifel Financial reappointed Jonathan Knepper and Edward Osswalt as managing directors within the firm’s fixed income capital markets group. Knepper brings over 30 years’ worth of industry experience in fixed income sales to Stifel and re-joins from Mizuho Securities USA, where he served as managing director in the firm’s high yield sales division. Meanwhile, Osswalt brings over 16 years’ experience in fixed income markets to Stifel, also re-joining the firm from Mizuho Securities USA, where he was an executive director on the firm’s fixed income trading desk.

Alexis Fauth was appointed as head of data science and client analytics by Tradefeedr. He joins the firm from Citi, where he served as global head of FX data science, overseeing the development of client optimisation strategy models. Before Citi, Fauth was a quantitative analyst at S&P, where he was responsible for a team which created X-Value Adjustment models for fixed income, hybrid derivatives pricing and counterparty credit risk models.

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