TransFICC, a provider of low-latency connectivity and workflow services for fixed income and derivatives markets, and SoftSolutions, which develops platforms that integrate with electronic exchanges and venues, have announced a partnership for interest rate swaps.
Using TransFICC’s ‘One API for eTrading’ platform, SoftSolutions will be able to offer its clients access to IRS e-trading, in addition to its existing rates and credits services. TransFICC and SoftSolutions will support specific workflow functionality for firms trading in the swaps market, including Request for Quote (RFQ), Request for Stream (RFS), Request for Market (RFM), Process trades and Lists/Compression trading. Product scope includes vanilla and custom outrights or multi-leg packages (for example, switches, butterflies, and basis).
“Technology that supports multiple trading protocols and workflows with maximum consistency is in high demand among our clients and prospects, and our new partnership allows us to roll out this functionality to European clients,” says Steve Toland, founder of TransFICC. “Working with SoftSolutions allows us to extend our product coverage to include IRS and to quickly connect with SoftSolutions’ existing clients.”
“By working in partnership with TransFICC we are able to offer our clients access to trade in a new asset class in only a short period, as the IRS workflows and connectivity services are already in Beta,” says Roberto Cocchi at SoftSolutions. “TransFICC’s integration with nexRates provides our clients with seamless access to multiple markets, with all connectivity provided as SaaS. Partnerships between fintech specialists can, and should be the norm in this industry, where all stakeholders benefit from a best-of-breed solution without the enormous burden often carried by less agile players.”
TransFICC allows financial institutions to access their required e-trading venues, whilst streamlining technology requirements and reducing operational costs. Its platform enables banks and the buy side to connect with multiple trading venues while supporting a variety of workflows across multiple asset classes such as rates and credit bonds, and interest rate swaps. The service supports risk controls, workflow normalisation, market data, messaging, hardware and hosting, connectivity and multiple trading protocols, including CLOB market data, market making and order entry, RFQ and List trading (non-contingent, all-or-nothing, and trade at close).
SoftSolutions provides multi-market, multi-asset, high performance connectivity and price distribution market making platforms. The rates EMS platform, nexRates, provides a full range of services to support sell side clients trading rates products. XTAuctions enables primary dealers to perform EGB primary auctions, and BestX!, a buy side EMS, allows trading desks to auto-execute on all fixed income venues, along with algos and trading parameters.
TransFICC’s clients include five global investment banks and one global market data vendor. SoftSolutions’ clients include major global investment banks, regional sell side firms and one global private bank.