Building on the experience of our D2D (Dealer-to-Dealer) platforms, we decided to create a separate order book, with the aim of facilitating improved access to global liquidity among Dealers and Non-Dealers.
Trad-X D2C (Dealer-to-Client) was developed as an alternative to the RFQ (Request-for-Quote) trading platforms and operates under a CLOB (Central Limit Order Book) protocol which combines size and price discovery - contrary to a RFQ which relies on price discovery only.
The new structure allows Non-Dealers to access fully executable (no last look) prices provided by some of our founding banks with liquidity being further supplemented by the incoming dealers, as well as by the Non-Dealers’ orders.
Departing from the notion that Dealers provide different levels of liquidity to their peers and their clients, we have built our D2C offering around the feature that ensures tightness of the bid/offer spread – namely that Dealers are prevented from trading with each other, whereas Non-Dealers can access the entire pool of liquidity.
This is a pure-electronic order book with no broker interaction.
The qualification criteria for Dealers / Non-Dealers is explained here.
If you would like to find out more about Trad-X D2C, please contact us.