Tradefeedr Launches FX Data Analytics Platform
Posted by Colin Lambert. Last updated: June 22, 2021
Tradefeedr, the community-based, FX data and analytics provider has now launched its FX platform allows which the sell-side to submit trading data on behalf of their buy-side clients.
The firm says the platform is live with more than 15 sell side and 20 buy side firms, with another 20 market participants in the pipeline. The news comes six months after it received $3 million investment from private investment company IPGL, owned by Lord Michael Spencer, the founder of Icap.
By delivering a unified framework for sharing information, Tradefeedr says its platform provides a much clearer picture of the whole market’s data and analytics than currently exists. It adds it has created a common, truly independent FX trading database allowing market participants across the sell-side, buy-side, regional banks, hedge funds, brokers and central banks to connect, analyse their trading data and collaborate.
“We are delighted by the overwhelmingly positive response from major FX participants who have now joined the Tradefeedr community,” says Seth Johnson, who joined as chairman of Tradefeedr as part of the IPGL funding deal. “This demonstrates that there is a real need in foreign exchange to trade using correct and standardised data, allowing faster and more accurate flows. It also reflects the benefits of a system that allows much better decision making and better relationships, while also adhering to the FX Global Code’s principles of transparency and effective communication that supports a robust, fair, open, liquid, and appropriately transparent FX market.”
Balraj Bassi, co-founder of Tradefeedr, adds, “Since our inception, Tradefeedr’s vision has been to deliver superior data transfer across the global FX trading community. We are excited to now roll out the platform amongst our leading liquidity providers and consumers who will be able to submit and receive their trading data amongst each other and with ECNs & trading venues over a single API.”
His co-founder Alexei Jiltsov, says, “FX trading data and analytics are currently siloed between venues and the sell and buy side. Users rely upon incomplete, inaccurate data, and before Tradefeedr, there has not been any method to work together with trading flows based on a common set of data. The significant adoption we have witnessed is a testament to the support for our vision and business model focused on transforming the FX marketplace for the benefit of all participants.”