FXall last week unveiled what it calls “a new, high performance, fault-tolerant, scalable infrastructure”, dubbed Altair, which boasts 20 new features. With the launch, FXall Altair now provides money markets trading.
Among the new additions is QuickFill, which provides active traders with deeper liquidity by aggregating continuous streams of executable prices from multiple sources. “One of the things that we have over our competitors is the liquidity of the 53 banks and 700 institutions on the platform,” says Mark Warms, global head of sales and marketing and general manager for Europe. “Altair has been live for more than two months and the feedback we have received from banks and customers has been excellent.”
“We have been constantly updating the system, but this is the largest release of functionality that we have had since we first went live,” says Warms. “We have always approached the market with a client-specific strategy, and always tried to figure out what people want within each segment. This brings what we have learned together.”
Warms notes that while Altair represents a significant development for FXall, the platform has lost none of the functionality it had in previous versions. “We understand our customer space, and we are always keen to ensure that we are serving our clients, be they asset managers, regional banks, hedge funds or any other segments,” he says. “Our internal product managers are aligned to each client segment and know exactly what functionality that segment needs.”
Another feature Warms highlights is QuickOMS, a new portfolio trading system that assists asset managers and corporates in managing complicated workflow, supporting a variety of order management and execution styles.
Meanwhile, QuickTrade has been enhanced with a number of new features, including a new method of rolling forward spot transactions, as well as user defined dates so that clients have constant access to their most important tenors.
The addition of money markets execution (for loans and deposits in this initial launch) was the logical next progression following the addition of confirmations 18 months ago. “Money market trading has typically been done through single banks, and we expect that the market will appreciate having access to an online, multibank environment,” says Warms.
Altair also adds a FIX gateway to the list of connectivity options available over QuickConnect, the platform’s connectivity and straight-through processing service.
Through what FXall calls a “new ergonomic interface”, the portal now allows customers to monitor the market, trade and review details of executed trades from a single window, as well as monitor indicative quotes in real time while trading.
Altair has been in a live pilot with 21 banks and 20 bank customers since September. Warms says that the platform was built with a mix of in-house and outsourced technology.
Warms adds that next year will see another set of improvements to the platform. “While price delivery remains important to clients, it is only one item on the list of key criteria,” he suggests. “Clients are now focused on systems that help provide better adherence to compliance guidelines and also offer workflow improvements.”