Parameta Solutions, interdealer broker TP ICAP’s data and analytics unit, has launched a new global post-trade analytics platform, Trading Analytics. The new offering, designed to help both buy- and sell-side firms to improve execution prices, will initially cover corporate, agency, government, and supranational bonds, with plans to expand across a variety of OTC asset classes in the future.
Trading Analytics allows trading desks, compliance officers and portfolio managers to upload historic transaction data and, using visualisation tools and a ‘no-code’ front end from analytics platform Thoughtspot, schedule the delivery of trading analysis based on Parameta Solutions’ aggregated market data. The launch follows the release of an evaluated pricing service for foreign exchange last month.
“We use trade, quote, and indicative pricing directly from both Tullett Prebon and ICAP brokerages,” says Jason Gregory, Senior Product Manager at Parameta Solutions, “and we aggregate that with trade and quote data from external sources, as well as our own proprietary evaluated pricing product called bond evaluated pricing, all of which can be used to measure the client’s execution prices.” To ensure transparency and to meet regulatory requirements under MiFID II and other related legislation, Parameta also provides clients with the methodology used to generate the data that feeds into the Trading Analytics platform.
“The most powerful element of what we’re bringing to the table is allowing the customer to intermingle their content, i.e. their own transactions, with our content,” says Ovie Koloko, Global Head of Product Management at Parameta Solutions. “The initial release is focused on Fixed Income. TP ICAP Group’s position in the market provides an exceptional way to measure, evaluate, and gain insights that may be difficult to obtain elsewhere,” he adds.
In addition to utilising ThoughtSpot’s UI on the front end, Trading Analytics makes extensive use of Google Cloud Platform (GCP). “We’ve been very open about the fact that we’re trying to leverage as much best in source technology as possible, 1) because it’s best in class, and 2) because it’s really helped us speed up our time to market in terms of being able to deliver,” says Koloko. “So we’ve embedded ThoughtSpot, a great UI company, we’ve got the power of BigQuery in there as well, and we’ve done lots of interesting things around Airflow, for pushing data around the platform. From a technology perspective, that’s going to serve us well in the future. In terms of interoperability, it will make it far easier for the platform to plug and play into other people’s native ecosystems going forward.”
The company now plans to roll out the Trading Analytics solution for other OTC asset classes, including FX and commodities. “We’re now working with clients on that roadmap,” says Koloko. “We have the underlying data, which is independent, robust, and transparent, and we understand what metrics we need to add. But we really want to be driven by specific client requirements, to understand their intent and to give them the confidence around what Parameta can do across these more diverse asset classes.”