Exegy, a provider of managed services and low-latency technology for market data normalisation and distribution, has launched Trade Port FX, a fully managed FX market data and order execution solution.
Trade Port FX is designed to deliver network connectivity, normalised market data, and order entry to major FX venues as a fully managed service. It enables sell-side banks, buy-side fund managers, and multi-national corporations to meet all their FX market access requirements via a single vendor.
The firm says that this is an increasingly attractive solution as the FX markets experience rapid and simultaneous growth in market fragmentation, speed and functionality requirements, and the costs and complexity of building, maintaining, and managing trading infrastructure.
“We view the macro environment in FX to be driving firms to managed technology solutions that we are well-positioned to deliver. Over the past ten years, we have refined our ability to provide fully managed solutions that are differentiated by their performance, functionality, ease-of-use, and quality of service,” says Exegy CEO, James O’Donnell.
Access to Exegy’s Trade Port FX is provided via a cross-connection at the co-location data centers for FX markets in London and New York. Future points of presence in Asian data centers will be enabled based on customer demand, according to a release from the firm issued today.
Through a single network connection within the data center, trading applications gain on-demand access to FX trading venues and liquidity providers, with the aim of insulating firms from the cost and complexity of establishing and maintaining connectivity to an increasingly fragmented market.
“Consistent single-digit microsecond speed and a rich set of data aggregation and filtering features are provided by Exegy’s purpose-built, hardware-accelerated computing appliances. The combination of managed venue connectivity and bespoke computing appliances allows Trade Port FX to deliver normalised FX market data and order execution through a unified, FX-specific API. Applications can dynamically customise their real-time data views, including composite pricing across venues. To streamline workflows and expedite implementation schedules, Exegy also provides easy-to-use sample applications and code-generation tools for a wide variety of applications,” says the firm in the release.
Originally focused on providing managed market data solutions for global equities, derivatives, commodities, and fixed income trading, Exegy began adding FX venues to its market data feed handler portfolio in 2012. Last year it hired Karl Dundon in New York to lead the expansion of its FX offering to include order entry functionality and managed venue connectivity.
“Trade Port FX is simply the right technology and service model for the FX markets today,” says Dundon. “Exegy assembled a team with deep industry experience and unmatched technology prowess to deliver a transformative product to the marketplace. We have also been greatly aided by expert guidance and enthusiastic encouragement from our Tier 1 clients.”