Inter-dealer broker TP Icap’s Data and Analytics division has launched what it claims is a first of its kind product in NDF Premium. The new service offers an anonymised non-deliverable forward (NDF) feed of orders and matches from Fusion, Icap’s hybrid electronic platform that captures both electronic and voice liquidity pools.
The firm says that to date, services in this space have focused solely on data from either electronic platforms or indicative data from voice, providing only a one-dimensional view of the market. In contrast, it argues, by merging both voice and electronic liquidity pools, NDF Premium provides a data feed for a more comprehensive view of the NDF market. “The service affords clients greater transparency and price discovery from one of the market’s deepest liquidity pools,” TP Icap says.
Under NDF Premium, clients receive intra-day executable rates, full depth of book, mid-market auctions and trade activity in one consolidated feed. Tradable instruments supported by the service include: outrights, liquidity swaps and fixings with a number of Asian and Latin American currencies. Data can be retrieved instantly, in flat files via SFTP or a live direct data feed by Surfix and these data instruments can be plugged directly into clients existing applications.
Historical order and trade tick data for NDFs is also available, with the time series going back to the inception of the Fusion electronic platform also being accessible.
TP Icap says the feed complements the existing NDF products from Data & Analytics’ FX market data packages and adds providing greater insight into the market microstructure will enable both sell and buy-side market participants to perform more detailed quantitative analysis, which in turn should lead to better hedging, risk management and alpha generating strategies.
“With more dealers streaming NDF prices comes the opportunity to create a more effective NDF data feed, which we feel will appeal to both sell and buy-side clients,” says Eric Sinclair, CEO of Data & Analytics TP Icap. “Capturing voice and electronic liquidity pools and with an order book as deep as 25 individual market maker stacks, we are confident that NDF Premium will equip clients with vital insight into market activity to help meet their individual needs.”