By Uri Inspector, Staff Reporter
MahiFX, the institutional and retail foreign exchange (FX) technology services firm, has introduced MFX Echo, a white-label trade analysis, liquidity visualisation and price explainer tool that allows eFX traders to evaluate markets and analyse performance during and post execution. Following the success of MFX Compass, a pricing and risk management tool, and MFX Vector, an algo execution command centre, Echo aims to make FX price action technology that has been the preserve of larger banks accessible for smaller traders.
MFX Echo is designed to help traders visualise liquidity with the aim of building a more thorough picture of market conditions. Across several of MFX Echo’s browsers, traders can visualise price and quantity levels in 2D or 3D, plot total liquidity within certain price thresholds and spreads by time, and upload a trade’s CSV simulation. The solution’s top-of-book price browser allows users to view external and internal bid and offer top-of-book at any time between several months ago and up to one second ago.
MFX Echo is offered with a monthly fee and is most suitable for institutional trading at banks, brokers and buy-side businesses that want full transparency over trades. For clients that already use MFX Compass, MFX Echo will be provided at no extra cost.
It can also be used to complement other business algos or MFX Vector. Once a trader has used Echo to assess market conditions and price action, Vector can be used to trade passively or aggressively using algorithms such as Dynamic Time Algorithm (DTA) and Adaptive Aggressive Strategy (AAS).
David Cooney, co-founder and CEO of MahiFX, and former Barclays FX executive, says: “We are excited to offer traders this level of granularity, which has previously only been available to large banks due to high cost and complexity. MFX Echo has the ability to analyse, in detail, across multiple venues, parameters such as which markets moved first, how many moved and how quickly they recovered. It can also identify high impact behaviour such as sweeps, all with the aim of informing better trading.”
MFX Echo is hosted on the Amazon Web Services (AWS) cloud and uses a firehose streaming mechanism to efficiently gather large volumes of data from trading servers while minimising the risk of overloading their network interfaces with too much data. It makes the data available for analysis in under a second, guiding users on the right trading strategy for current market conditions.