Thomson Reuters has
reported a significant increase in its trade notification network connections
and volumes deriving from FX market participants, attributing this to new
regulations and a growing demand for cost efficiencies.
The firm says that the number of FX market participants publishing
and receiving trade notifications on its trade notification network has grown
50% year-on-year through February 2016.
It claims that this is due to industry participants seeking to realise
the benefits of increased transparency and reduced costs and errors from
automated trade notification and straight through processing (STP).
Meanwhile, Thomson Reuters Trade Notification (TRTN) has also seen an
increase in message volume of 20% in the same period.
“While regulation is
putting the onus on market participants to ensure transparency throughout the
trade life cycle, efficiency and cost benefits are also driving our clients to
consolidate the systems they use,” says Alex Walker, head of post-trade at
notification they are looking for a system that can serve the entire FX market,
and we are committed to partnering agnostically across the industry to achieve
that,” Walker continues. “With Thomson Reuters Trade Notification we have
created one of the FX industry’s largest trade notification networks with over
100 publishers and more than 1000 receivers participating.”
Designed to serve the full spectrum of global FX market participants,
TRTN provides a single connection for them to connect with counterparties
around the world in a venue-agnostic manner.
Banks and brokers can automatically publish and receive notifications
executed on broker networks, bank platforms, ECNs and FX venues globally.
TRTN messages are received in real-time and in a choice of
industry-standard message formats that Thomson Reuters says offers
future-proofing as well as ease of downstream integration.
Fully integrated into
Thomson Reuters new desktop platform, FX Trading, TRTN is available as a
deployed solution via XML and Thomson Reuters Ticket Output Feed (TOF) or as a
hosted solution via a FIX interface.
The hosted FIX
interface is capable of accessing all FX venues that have chosen to use TRTN to
publish trades. Thomson Reuters claims that it offers benefits such as reduced
total cost of ownership, encryption and rich functionality for complex trade
scenarios. The firms says that FIX also allows flexible data aggregation and
segregation to map onto customer business models, helping them to manage
multiple dealing codes.
Thomson Reuters has
also recently expanded TRTN to include STP support for options and allocations.
In addition its venue-agnostic affirmation service allows traders to view their
electronically-negotiated trades and is designed to simplify their workflow for
affirming voice-brokered trades.
Introduced in 2014, Thomson Reuters FX Trading furthers Thomson Reuters
strategy to provide a platform that brings together a variety the company’s
pre-trade tools, trading venues and post-trade capabilities, including TRTN,
into one single desktop.
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