TradAir customers will now be able to leverage the over-the-counter (OTC) trade settlement services for digital assets recently launched by Seed CX’s subsidiary, Zero Hash. The Zero Hash settlement service allows firms to settle both digital asset and fiat trades, widen the number of counterparties with whom they can trade and streamline reconciliation, reporting and […]
TradAir is revamping its business to offer technology solutions for the crypto market, a move that coincides with senior management changes at the firm.
When TradAir co-founder, Illit Geller, stepped down as CEO of the firm in June 2017, co-founder, Ayal Jedeikin stepped in to lead the company until the role of CEO was filled by Viral Tolat in May 2018.
However, Tolat has now vacated this role, resulting in Jedeikin once again taking the reins. Profit & Loss understands that Tolat will remain a “strategic advisor” to the TradAir board.
Asian cryptocurrency liquidity provider Tilde has announced that is working with TradAir, a platform solution provider for institutional FX and cryptocurrency trading, to introduce electronic cryptocurrency trading among institutional investors in Asia. The firm says the collaboration will enable Tilde clients to trade a “multitude” of cryptocurrencies through TradAir’s personalised and intuitive platform, making trading more efficient and secure.
Tilde is an OTC cryptocurrency trading service and market maker that was launched by Asian proprietary trading firm Grasshopper in July 2018.
Singapore Exchange (SGX), is launching a new product, SGX FlexC FX Futures, with the aim of “futurising” certain OTC FX product offerings.
Targeted for launch on August 27, SGX FlexC FX Futures – developed in consultation with market participants – enable bilateral trades that are privately negotiated with tailored expiration dates to be registered and cleared like a standard SGX FX futures contract. This feature will be available for INR/USD, KRW/USD, TWD/USD, USD/CNH and USD/SGD contracts.
Michael Syn, head of derivatives at SGX, says: “Access to counterparty credit, especially for tenors longer than spot, is increasingly scarce and expensive in the OTC FX markets.
Viral Tolat has been appointed chief executive officer at TradAir, filling a role vacated last year when co-founder Illit Geller stepped down.
Tolat was last at EBS Brokertec where he was CTO, a role he took on in 2013 after leaving the CTO position at Integral Development. The move was not without controversy as Integral commenced a legal action against Tolat for allegedly stealing trade secrets. Although Integral’s initial case, which was widely seen as an attempt to stop Tolat joining a rival organisation, was thrown out by a US District Court, it won an appeal against some of the decisions in January 2017.
Tradair has rolled out enhancements to its full amount execution service, the firm claims the new logic provides “improved fill-ratios and greater execution control”.
Clients are now able to define order size above which execution is against best price from a single full amount LP, define order size below which execution is against best prices from sweepable LPs, and automatically execute at best price from sweepable LPs or a single full amount LP. The latest roll out continues a spate of ‘full amount’ releases.
TradAir has partnered with Singapore-based technology firm Snap Innovations, to jointly develop FX solutions, initially for Asian market participants.
The joint venture has been made possible through funding provided by the Singapore Israel Industrial R&D Foundation (SIIRD), a co-operation between the Singapore Economic Development Board (EDB) and the Israel Innovation Authority to promote, facilitate and support joint industrial R&D collaboration between Singapore-based companies and Israel-based companies across different industries.
The firms say the new solutions will enhance regional FX liquidity, enabling Asian market participants to aggregate, trade and become market makers between the currently fragmented OTC and exchange-based regional FX liquidity pools.
TradAir co-founder, Illit Geller, has stepped down as CEO of the firm.
Geller will remain a member of the company’s board of directors, and the board has launched an executive search for a new CEO.
During the interim, TradAir co-founder, Ayal Jedeikin, will lead the company, along with other members of the senior executive management team.
“Over the past seven years, Illit has done a remarkable job building TradAir from a nascent start-up into an industry-leading FX technology provider,” says Jim Brown, a board member, and the managing partner of Long Ridge Equity Partners.
TradAir has announced that GKFX, a broker regulated by the UK’s Financial Conduct Authority (FCA), has gone live with its margin/credit FX-CFD platform.
According to TradAir, the platform was developed in response to demand from institutional brokers for a margin and credit solution in one platform that provides effective pre-trade control over client access to liquidity.
The platform supports bespoke liquidity provision, granular per instrument leverage, and fully automated risk management decision making for periods of extreme market volatility or event risk, such as seen over SNB move and more recently with Brexit, the company says.
Gabriela Liber has joined TradAir in London as director of liquidity management.