TransFICC and SoftSolutions Partner for FI Cloud Hosting and Connectivity
Posted by Colin Lambert. Last updated: May 13, 2021
Connectivity provider TransFICC has partnered with trading technology provider SoftSolutions to develop a cloud-based trading service with connectivity to multiple fixed income trading venues.
SoftSolutions recently announced the launch of its latest, cloud-enabled, version of NexRates, what it claims is the first “trading as a service” (TaaS) to be hosted in AWS. Cloud connectivity is being provided by TransFICC, which fully supports RFQ trading connectivity to all major D2C venues including Bloomberg as well a number of D2D venues.
TransFICC supports multiple versions of Bloomberg’s RFQ trading gateways (TNP) to enable migration to the latest version, TNP 3.2. Currently, the firms say, there is significant demand for these upgrades, as large numbers of trading firms move to support Bolt (bid offer list trading) workflow for bonds. TransFICC enables banks to trade packages of up to 300 instruments on Bolt, including spread trading and benchmark spotting.
“Working with SoftSolutions, we provide cloud connectivity for the NexRates cloud hosted platform and have successfully completed the Bloomberg API upgrade, making it fast and simple for clients to move to the new gateway and begin trading using Bolt,” says Steve Toland, co-founder of TransFICC. “Our service helps clients to address the significant challenge of coding and testing new venue APIs for both trading and data. Typically it can take three months to complete each API upgrade, with the workload amplified by managing multiple connections.”
Roberto Cocchi, CEO of SoftSolution, adds, “As the fixed income market continues to evolve, many clients are adopting a cloud or hybrid technology solution. Our partnership with TransFICC enables us to support clients’ trading workflows on both legacy and new business protocols like Bolt, as well as providing access to many other venues from the cloud. With TransFICC providing access to both D2C and D2D markets, NexRates is now able to provide the sell-side with the ability to service client requests as well as being able to hedge or trade out of positions on the inter-dealer markets – either manually or automatically.”