Atriax, the multibank FX portal, has launched AtriaxInsight, a subscription information product that provides real time streaming news and market data from Reuters, in addition to the existing Atriax service of research and currency forecasts from more than 30 of its member banks.
Dan Morehead, CEO of Atriax, says, “This development has enabled us to provide the same information on Atriax that is normally available over a hard wire system only. This offering is far in advance of those of our competitors.”
Access to the service is via either the Internet or a private network connection, and will cost $320 per month, per user. Users have daily pricing data available for up to five years, and news history for 30 days. Currently users can customise the spot rates they view on their desktop, as well as their ‘quick spot’ currencies. The latter enables clients to move quickly from indicative pricing to dealing, while other customisable options will be added in due course, says Atriax.
Indicative rates are provided for 160 currencies on the system, as they are for major commodity markets. Exchange traded commodities are not included, but delayed quotes are available for the major equity indices. AtriaxInsight also provides a search engine for clients, which enables them to scan research documents for individual words and phrases.
Morehead expects take-up to be quickest on the buy side where, he says, clients currently receive smaller sets of data for about the same price, or even more, than that being levied by Atriax. Take-up on the sell side is expected to be a little slower, he adds, because banks, especially at the top end of the market, already have heavily discounted deals with data providers. He sees initial sell side interest to be from medium sized banks, possibly in some of the less active trading centres.
AtriaxInsight will also carry research from the buy side, in the form of Standard Life Investments. Murray Gunn, investment director, currency, at Standard Life in Edinburgh, notes, “Standard Life Investments recognises the benefits of the Internet as an efficient, flexible and cost-effective mechanism for the distribution of research and market data. We have decided to post our research to AtriaxInsight because we believe it will become a key information resource for the market.”
Morehead also expounds the benefits of the snapshot facility. “Clients can take any piece of data and paste it anywhere on their desktop,” he says. “Charts or graphs can be imported into documents; rates can be used for revaluation purposes. A snapshot can be taken at any time – at the client’s discretion – it is time stamped, and because it comes from Reuters it is deemed independent.”
In due course, Atriax will also consider adding other rate sources to AtriaxInsight, says Morehead, including the provision of a snapshot capability using live rates.