London-based electronic trading technology company TransFICC, which serves fixed-income and derivatives markets, plans a spring 2017 launch of its application programming interface (API) service to facilitate connectivity with trading venues.
The service can connect to multiple venues to execute orders without separate submissions (for users with software to enable this method of sending orders through TransFICC), provides real-time pricing and supports audit trail functions with time stamping at a millisecond level, according to Steve Toland, founder of the company.
“It’s a scalable model,” said Toland. “Once TransFICC connects to 15 venues, it’s connected to whatever bank clients come out on the other side. They only have to connect to one venue once.”
TransFICC has so far reached agreement with five trading venues to route orders: TradeWeb, BrokerTec, MTS (the London Stock Exchange Group-owned fixed-income trading platform), Liquidity Edge and ICAP’s iSwap platform, according to Toland. The company also has agreements with nine banks to consider its services. It began developing its services in March 2016.
“The five venues joined because of our consultations with banks that we were speaking to about the product,” said Toland. “They told us that to prove that our product works, they needed it to work with these different types of venues [as represented by the five mentioned].”