Tavira Financial, the independent multi-asset agency brokerage and institutional trading platform, is expanding its use of AQX Technologies (AQXT) to consolidate post-trade data and automate operational processes across its business. The development builds on a relationship spanning more than six years, during which AQXT’s XDESK platform has evolved into a central component of Tavira’s post-trade infrastructure.
The platform receives trade data from Tavira’s agency brokerage, prime brokerage and futures and options operations, supporting functions ranging from regulatory transaction reporting and broker P&L calculations to client revenue analysis, invoicing and market abuse surveillance.
Tavira operates across equities, precious and base metals, cash fixed income, emerging markets equities and interest rate derivatives, serving a predominantly institutional client base. The breadth of its activities creates significant demands for consistent data processing and reporting across different trading systems and asset classes.“They have become central to our business operations,” Will Moody, Head of Operations at Tavira Securities, tells TradingTech Insight. “Pretty much all our data feeds into AQXT’s XDESK platform, and if there’s something we’re a little bit stuck on automation-wise, we go to them as a first port of call. They do our transaction reporting, but we also use them for our broker P&Ls, and we’re building what we call our client summary, which is basically an internal revenue capture system. It lets us see which brokers have earned what money for which clients over a particular period. We use that quite extensively for our management information.”
Automating Operational Processes
The availability of consolidated trade data has enabled Tavira to extend its use of XDESK into areas beyond traditional post-trade processing. Moody points to one example of how this has changed the firm’s day-to-day operations.
“They do our futures and options invoicing now as well,” he explains. “Because all the data feeds into AQXT, they’ve got all the information they need. We wanted the invoicing to come directly from a system rather than through emails, so they built that out for us about a year and a half ago. It’s turned our invoicing process from taking maybe ten days after the end of the month to having everything ready on the first day of the following month. All we’ve got to do is verify the numbers before we hit the send button.”
Another area of development is Tavira’s internal management information. The firm has been working with AQXT to replace a macro-based spreadsheet used for approximately a decade with an interactive dashboard offering more detailed analysis of business performance. According to Moody, AQXT produced an initial prototype within approximately six weeks of discussing the requirements with Tavira’s operations team. The project illustrates how the firm is using its existing data infrastructure to develop additional capabilities without introducing separate systems for each business requirement.
Regulatory Reporting and Surveillance
MiFID II transaction reporting presents particular challenges for multi-asset brokers, given the different reporting obligations associated with individual instruments, trading activities and counterparties. Tavira has undertaken a review of its reporting requirements across its business lines, working with AQXT to establish consistent processes for identifying and submitting reportable transactions.
“AQXT’s knowledge of that side of the business has been really impressive,” says Moody. “We thought we’d have to guide them step by step through exactly what needed to be reported, but they’re extremely knowledgeable.”
Tavira’s relationship with AQXT has also proved valuable as Tavira’s wider technology requirements have evolved. “We report to SteelEye for market abuse surveillance, and historically we had data feeding into them from five different systems,” notes Moody. “Now AQXT has all our data, so they can build the right format, to exactly the right specification, and schedule those reports for us. We’re also currently migrating our OMS to Broadridge, which means every inbound message AQXT receives is going to be in a different format and structure. They’re handling that for us, and that’s one of our key priorities at the moment.”
Supporting a Flexible Trading Architecture
Tavira’s ongoing OMS migration is one of several projects being supported by AQXT as the brokerage updates its technology infrastructure. The firms hold monthly meetings to review operational requirements and identify further opportunities for automation.
The partnership also forms part of Tavira’s preparations for the UK and EU transition to T+1 settlement in October 2027, when firms will have less time to complete post-trade processing, reconciliation and exception management.
Tavira’s plans to extend its use of XDESK include the development of its client revenue reporting capabilities as its multi-asset brokerage business grows.
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