FX trading data company Tradefeedr announced early on Tuesday that it has onboard the first market makers in its platform, and they are three heavyweights in the industry: Goldman Sachs, UBS, and XTM Markets.
Tradefeedr boasts a team of ex-traders, data scientists and engineers looking to build a technology stack to aggregate disperse trading information today that will deliver advanced analytics on consolidated data sets, machine learning, and collaborative data tools at scale in the present and the future. It was launched in 2018.
The London-based company has already worked with CMC Markets, a widely known retail broker. Alexei Jiltsov and Balraj Bassi, two former currency traders behind the FX hedge fund Blacktree Investment Partners, founded the technology.
Engagement Between Liquidity Providers and Consumers
According to Jiltsov, the firm was born with the intention of looking for better execution and promotion of better engagement between liquidity providers and liquidity consumers. Tradefeedr aims to offer that missing interaction through its common data platform.
Jiltsov added that forex players would get to enjoy a dedicated trade-event repository to share relevant and specialized information and metrics without the need to reveal sensitive details for the first time.
The Tradefeedr ecosystem allows traders to share data that will let all the participants in the market gain different insights about what they can achieve.
It is extremely useful for companies, too. For example, a specific firm could use the Tradefeedr platform to determine whether its trading algorithm would perform well if used with several liquidity providers.
Because of the myriad of offerings, data insight, and added benefits, the firms that have joined the Tradefeedr platform likely won’t be the last, as others may join the party in the short-term.
The Firm Will Onboard More Companies
In fact, the company itself made a statement in which it informs it will continue to onboard more financial institutions in the coming days and weeks.
Jeremy Smart, who is the global head of distribution at XTX Markets, explained that Tradefeedr would let liquidity providers and customers alike analyze the data together at the same time and on the same platform.
Smart observed that for numerous buy-side companies, it is their first time having access to such a sophisticated data analysis tool that lets them process independent analytics and assess all of their liquidity providers for risk-transfers and algorithms, all in one place.
According to Smart, the platform promoted transparency and the sharing of relevant information and informed clients would make better decisions and make the market a fairer place for all parties involved.