LONDON 3 June 2013 - Trad-X, the global hybrid platform for trading interest rate swaps, today announced the launch of its Sterling interest rate swap product.
Trad-X, the derivative technology solution launched by Tradition two years ago and supported by 11 of the largest banks in the world, has already established itself as the leading hybrid liquidity source for Euro and USD interest rate swaps. The platform intends to build on this success by expanding its services into another key trading currency - Sterling.
Daniel Marcus, Global Head of Strategy and Business Development at Tradition, commented:"We are delighted to be further expanding the range of products in the Trad-X universe. Trad-X Sterling is designed in line with market requirements and will leverage off our excellent voice broking business and proprietary technology to bring a hybrid solution to the market. We hope it follows in the footsteps of our highly successful EU and USD swap offerings."
For further information, please contact:
MHP Communications Tradition@mhpc.com
John Sarsfield/James Morgan/Fern Hammond +44 20 3128 8530/8533/8092
Trad-X utilises Tradition's proprietary technology to provide an electronic multi-asset class trading platform for OTC derivatives with hybrid and fully automated rich functionality, low latency and - most importantly - the potential for attracting deep liquidity. Designed with the help of the trading community, Trad-X is a logical extension to Tradition's voice brokerage services. Trad-X enables fully electronic order entry, whilst leveraging the benefits of execution capability of Tradition's voice brokers. Trad-X can be accessed via its own fully customisable and configurable client GUI, by using its FIX API or through independent software vendors such as ION. Trad‐X data, with best bid, offer and size, can be subscribed to via 'TRDX' Bloomberg pages. The pages show around 100 of the most liquid points on the € IRS curve, to which 11 banks are streaming prices electronically. Our public reference pages 'TTST1' on Thomson Reuters and 'TREU' on Bloomberg are showing estimated bid/offer. They are calculated directly from Trad-X mid markets.
About Tradition and Compagnie Financière Tradition SA:
Tradition and the 'snowflake' device are trade-marks of Compagnie Financière Tradition SA. With a presence in 28 countries, Compagnie Financière Tradition SA is one of the world's leading interdealer brokers (IDB). The Group provides broking services for a complete range of financial products (money market products, bonds, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and commodity‐related products (energy and environmental products, and precious metals). Compagnie Financière Tradition is listed on the SIX Swiss Exchange (CFT). Trad‐X is a trade mark of Compagnie Financière Tradition SA. Trad‐X is an MTF operated by Tradition (UK) Limited, authorised and regulated by the UK Financial Conduct Authority. For more information, please visit www.tradition.com and www.trad‐x.com.