Allen Zimmerman, SimCorp

The move will enable SimCorp to complement its Axioma risk models and portfolio construction capabilities with Yield Book’s fixed income analytics to deliver analytics for securitised debt.  

Yield Book products provide analytical insight into financial products in the fixed income sphere, including government and corporate bonds, US municipal bonds, mortgages and asset-backed securities and derivatives. 

This integration will provide SimCorp clients with improved access to fixed income analytics including risk forecasting, sensitivity analysis, stress testing and factor-based decomposition of risk.  

These capabilities aim to help institutional investors to address risk factors that are specific to this asset class and help them make better investment and risk decisions. 

Read more: Fireside Friday with… Yield Book’s Emily Prince 

“This partnership extends the depth of our fixed income capabilities by leveraging Yield Book’s market-renowned prepayment models and analytics directly within our products to support the most sophisticated fixed income and multi-asset managers,” said Allen Zimmerman, managing director, head of Americas at SimCorp. 

“This is another step toward enabling faster and more informed investment decisions.”  

This latest development builds on SimCorp’s existing collaboration with LSEG Data and Analytics for market and reference data, established in 2024, allowing for improved access to LSEG data across the investment platform SimCorp One. 

“The integration of Yield Book’s best-in-class fixed income analytics with Axioma Risk enables more clients with market-leading data, analytics and risk management tools at their fingertips,” said Emily Prince, group head of analytics at LSEG. 

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Named DXtrade Institutional, the offering will be built on a bespoke basis using customers’ existing platforms, contrasting Devexperts’ ready-to-use DXtrade variants.  

DXtrade Institutional aims to provide a scalable, multi-asset solution with back-end integration, enabling institutions to execute trades directly while maintaining full control over pricing, risk management, and liquidity distribution.   

“This is the first DXtrade product we have launched that is not an off-the-shelf solution, but built specifically for each customer, offering a tailored solution that builds on and improves their existing software and meets firms’ unique operational needs,” said Nick Mortimer, institutional business development at Devexperts.   

DXtrade Institutional will support spot, forwards, swaps and options trading, alongside providing direct trade execution, risk management, full customisation and improved trader efficiency.  

In addition, the offering will provide full scalability and deployment options, enabling it to adapt to changing institutional needs.  

“We are really pleased to be bringing our consultancy and custom development expertise to single-dealer firms, and believe DXtrade Institutional can offer a solution to those working with legacy systems that delivers strong, long-lasting, outcomes for optimised user experience and robust return on investment,” said Peter Snasdell, senior vice president at Devexperts.

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GLMX’s technology platform allows participants to negotiate and execute securities financing transactions and is used by more than 140 buy- and sell-side institutions globally.  

The firm’s new initiative with FlexTrade’s FlexONE OEMS and FlexTRADER EMS will offer mutual clients a solution for managing the entire trade lifecycle, from order execution to post-trade compliance and reporting.  

In addition, mutual clients are expected to gain increased control and efficiency through customisable and shared pre- and post-trade workflows. 

“Client demand for cross-market efficiency is a primary driver for GLMX to deliver new technologies and connectivity,” said Andy Wiblin, chief operating officer at GLMX.   

“By partnering with FlexTrade, we aim to support our clients’ trading, risk management, and operational resilience efforts globally.”  

Read more: FlexTrade and LoopFX integration set to optimise FX trading capabilities 

The newly created workflows will enable trading teams to automate complex order routing and allocation strategies, minimise manual errors, and achieve regulatory compliance.  

The API integration is available for deployment immediately by mutual FlexTrade and GLMX clients. 

“We’re delighted to make our new integration to the GLMX platform available for FlexTrade’s global asset management and hedge fund community,” said Satish Ramanath, SVP, buy-side, APAC at FlexTrade Systems.   

“Working together with GLMX, we’ve provided our clients with a seamless and efficient means of accessing differentiated liquidity within their existing workflows.” 

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The algos will be powered by Quantitative Brokers and made available via 360T’s trading platform across both disclosed and anonymous liquidity pools.

David Kalita & Matt O’Hara

Launched on Monday, the new offering features newly FX-optimised versions of Quantitative Brokers’ flagship algorithms Strobe FX – for schedule-based execution for TWAP and VWAP benchmarks – and Bolt FX – which is an implementation shortfall algorithm built to minimise execution costs relative to arrival price.

The algos have been tailored to FX microstructures that traders have to navigate day to day, David Kalita, chief executive officer at Quantitative Brokers, tells The TRADE.

“Traders are dealing disclosed with market makers that know who they are and therefore are constantly assessing their profitability and monitoring how they’re able to monetise the flow,” he explains.

“A common mistake that we’ve seen other people make in this space is thinking they can achieve great transaction costs on one trade by being really aggressive but then LPs [liquidity providers] widen out their pricing and tomorrow that price is no longer available.”

He explains that the new algorithmic offering launched today has a codified workflow that attempts to find a middle ground that supports both parties involved in a trade.

“We’re trying to find the happy medium where our LPs are being properly treated and getting reasonable flow that they can monetise at a healthy level and we’re still being able to achieve good transaction costs on any particular trade,” he says. “Finding that long run equilibrium between the two so you’re not sweeping across multiple LPs and you’re not being hyper aggressive is essential.”

In the coming months, Kalita confirms that two additional algos will also be launched to complete the suite. One targets the benchmark prices at the close, named Closer, and a more aggressive algo which is meant for more people that want to get done in 10-15 seconds, named Octane.

When asked why the pair had chosen now to launch their suite, the answer was simple: client demand.

“There has been growing demand for alternative algo solutions in the foreign exchange market particularly provided by independent third party providers who offer algo execution logic that points to various different curated pools of liquidity,” chief executive of 360T Americas, Matt O’Hara, tells The TRADE.

The executives explain that the pairing of Quantitative Brokers and 360T makes sense for several reasons. 360T has connections to many of the key non-bank market makers.

It also claims to offer unique data available in spot and in swaps around historical market pricing.

“That’s been very useful for us to assess not only our strategies but also use in our algo logic to make sure we’re executing good prices in a non-toxic manner,” says Kalita.

Deutsche Börse

360T and Quantitative Brokers are both owned by Deutsche Börse, acquired 10 and six years ago respectively.

“It is a great construct because we have the backing of the group which has fantastic brand reputation scale distribution but the group companies can retain their DNA, culture, be very customer centric, very innovative very entrepreneurial,” adds O’Hara.

360T has undertaken several other partnerships under the Deutsche Börse umbrella, O’Hara explains.

“360T partnered with Eurex to deliver FX futures through 360T’s distribution networks. 360T also produced some unique market data content sets focused on support swaps and forwards that are available through the Deutsche Börse market data services business,” he says.

The algorithms launched today were created and are powered by Quantitative Brokers.

There is scope for Quantitative Brokers to explore partnerships with other platforms in the future, Kalita confirms.

“Of course, QB has other clients and they potentially use other providers and so we’ll evaluate that as a needs must basis but right now this is available on 360T and we think that the product is going to be really strong particularly with this partnership,” he concludes.

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Uday Chebrolu, FlexTrade

LoopFX is a liquidity venue which offers dark mid-point matching for asset managers and banks, specialising in large trades in excess of $10 million. 

Meanwhile, FlexTrade’s FlexFX solution can be deployed as a standalone solution or as a fully integrated component within FlexTrade’s multi-asset execution management system, FlexTRADER EMS.  

“The FX space is continually evolving, with innovative new solutions emerging that can positively impact trading efficiency and performance,” said Uday Chebrolu, head of FX and digital assets at FlexTrade Systems.  

“Integrating LoopFX into our platform gives our clients using FlexFX access to liquidity for large FX trades, enabling them to optimise their execution process while minimising market impact.” 

The new initiative from the two firms will enable mutual clients to access LoopFX’s matching functionality within their existing workflows in FlexFX.  

In addition, asset managers are able to send orders directly from the FlexFX order blotter to LoopFX, with no development work or changes to their workflows.  

The data available within FlexFX can also add value through sending trading performance data to FlexTrade’s transaction cost analysis tool, FlexTCA, to perform analysis to optimise execution quality.  

The business added that it plans to expand the integration further, combining FlexFX’s automation capabilities with LoopFX.  

“FlexTrade continues to show a client-first approach by providing its growing client base with direct access to LoopFX functionality within its existing workflows,” said Blair Hawthorne, founder and chief executive of LoopFX. 

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The first trade using the offering was completed between Morgan Stanley and “a leading buy-side firm”.  

Bloomberg’s new UST dealer algos have also received support from Citi, JP Morgan and RBC Capital Markets, with additional dealers expected to join the solution this year.  

“Expanding our client offering through UST dealer algos aligns with the natural evolution of the markets, enabling us to meet client needs by delivering greater efficiency in executing US Treasuries,” said Adam Peralta, head of US rates e-trading at Morgan Stanley.  

“We are committed to meeting our clients’ needs while staying at the forefront of technological developments in the US Treasury markets.” 

The solution allows clients to access the algo strategies of dealers on Bloomberg’s Fixed Income Trading (FIT) offering.  

According to the firm, dealer algos offer clients the opportunity to execute larger size trades, at tighter pricing, with a reduced market impact.  

Bloomberg’s interfaces, BLOT <GO> and TSOX <GO> allow clients to monitor execution slices in real time and adjust algo parameters, which it claims to enable enhanced trader control. 

Bloomberg FIT is integrated with Bloomberg AIM and Bloomberg TOMS, allowing existing users of these solutions to benefit from the new offering. 

“Being first to offer the buy-side with access to dealer algos is part of our ongoing commitment to provide clients with innovative and market leading solutions. Traders need to move quickly to capitalise on opportunities and maintain their competitive edge,” said Derek Kleinbauer, global head of fixed income and equity e-trading at Bloomberg.  

“Our new UST dealer algos offering provides clients with an efficient way to access a deeper set of liquidity sources to get trades done quickly with confidence in the price levels, while minimising information leakage.” 

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George Rosenberger

Specifically, Symphony’s messaging technology will be integrated into the NYFIX Matching platform. The secure messaging platform is set to enable “compliance, transparency, and streamlined resolution of post-trade discrepancies”.

NYFIX Matching is the first post-trade matching tool which offers integrated messaging capabilities.

Read more: Broadridge launches real-time reconciliation solution for high volume trading

Brad Levy, chief executive of Symphony, said: “As the financial industry advances towards workflow digitisation, it has become increasingly reliant on modern, secure, and interoperable collaboration tools to mitigate risks and increase efficiencies.

“Through this collaboration, we are able to accelerate trade flows and improve real-time transactional accuracy for Broadridge’s clients.” 

This latest move of introducing an enhanced messaging functionality came directly off the back of client feedback, said Broadridge. 

In particular, clients had expressed a desire for more direct and quicker communication with brokers – something which is now available for NYFIX customers.  

“By integrating Symphony’s messaging functionality, we are enabling clients to resolve post-trade inaccuracies faster and with greater ease, ultimately enhancing operational efficiency,” said George Rosenberger, head of NYFIX, Broadridge Trading and Connectivity Solutions. 

“This is the latest example of simplifying the client experience with innovative solutions to meet their evolving needs and help them better operate, innovate and grow.”

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Matt Barrett

Speaking to The TRADE, Matt Barrett, chief executive and co-founder of Adaptive, explains: “From simplifying client onboarding to seamlessly integrating order flow when building custom front-office trading systems, the value this will provide to clients can’t be overstated. 

“[…] At Adaptive, we have a long-standing reputation for providing customers with best-in-class trading systems. With this new partnership, we will be able to go beyond the capabilities of standard FIX engines, creating even more comprehensive, agile and robust solutions for capital markets firms.” 

The integration is being made possible through Adaptive’s open-source messaging and clustering technology, Aeron. 

Paul Weiss, chief technology officer, Adaptive, adds: ”Aeron technology is specifically designed to help even the most complex of capital markets firms build fault-tolerant, high-performance trading technology successfully. As Rapid Addition’s platform is built on Aeron technology, we share the same technological building blocks – there are therefore huge synergies between our businesses. 

“Our Aeron expertise and Rapid Addition’s FIX expertise gives clients a greater depth of knowledge and new capabilities that will make a meaningful difference to their businesses.”  

Rapid Addition’s scalable FIX platform can handle thousands of connections and provides support for all versions of the the Financial Information Exchange (FIX) protocol – as well as “custom rules of engagement”.

Owned by the FIX Trading Community, the protocol was designed in an attempt to simplify workflows and reduce error by creating an industry standard adopted by all. Through their new partnership, Adaptive will “build bespoke front-office trading systems with complex, global, high-volume connectivity requirements beyond the capabilities of standard FIX engines, creating more comprehensive, agile and robust solutions for capital markets clients”.

Read more: Fireside Friday with… FIX Trading Community’s Jim Kaye

This collaboration claims to enable firms to simplify counterparty FIX onboarding and order routing workflow and comes as the market continues to see increasing necessity for clients to stay on top of regulatory change and margin pressures, emphasising the need to leverage solutions to up their own responsiveness.

Mike Powell, chief executive of Rapid Addition tells The TRADE: “We view this partnership as a genuinely strategic initiative. One of the key market trends we are seeing is a widespread review of legacy trading platforms with a desire by firms to shift to a more agile, orchestrated approach, combining the best of third-party tech with in-house applications.

“Our collaboration with Adaptive aims to seamlessly bring together our respective strengths in supporting trading workflow, while enabling easy integration to our customers’ broader trading system and technology choices.”

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Armando Diaz and David Barnett

Specifically, the partnership will expand the remit of PureStream’s streaming protocol – which combines parent level liquidity discovery with “undistorted” price discovery of the market – by enabling OptimX clients to access it through the OptimX platform.

“Collaborating with OptimX allows us to extend the reach of our streaming protocol, offering institutions incremental liquidity choices,” said Armando Diaz, chief executive of PureStream.

As part of the deal, mutual broker dealer partners can opt-in to the OptimX platform and leverage streaming to find and facilitate crosses.

“Our partnership with PureStream reflects our dedication to providing clients with innovative solutions that address the complexities of modern trading,” said David Barnett, OptimX founder and chief executive.

“The integration of trajectory crossing technology enhances our platform’s ability to deliver superior execution outcomes.”

The partnership builds on OptimX’s recent integration with Aquis’ Matching Pool (AMP), Barnett added.

Read more – Aquis and OptimX unveil new dark trading solution 

Announced in December, the move allowed Aquis UK members to direct actionable liquidity opportunities to their institutional clients via OptimX Markets. Brokers subscribed to the AMP order book can instruct Aquis via OptimX to deliver liquidity opportunities within the institutional trader’s workflow.

Aquis Exchange picked up a minority stake in OptimX back in August 2023 as it looked to expand its block crossing remit.

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Dominic Lowres

Named ZebrA-X, the platform will help mid-market clients “execute at scale with limited signalling”.

“Over the past 18 months, we have observed significant changes in the medium-scale electronic agency landscape, particularly due to recent mergers and acquisitions within the industry,” Dominic Lowres, head of electronic trading and execution strategy, tells The TRADE.

“This dynamic environment has presented us with the opportunity to introduce an innovative offering that aligns with our clients’ evolving needs.”

Specifically, ZebrA-X includes a comprehensive suite of benchmark, liquidity-seeking algorithms, and is supported by a consultative Investec execution team.

“The ZebrA-X dark algorithm, along with Zebra dark lit strategies, Zebra block and the wheel solution, as well as benchmark strategies, allow them to execute trades efficiently, with a large amount of configuration choices,” adds Lowres.

“We anticipate a diverse stream of unique flows into ZebrA-X which will benefit all types of clients who will benefit from deep mid-price resident liquidity. We believe this approach delivers long-term value to clients and will help enhance overall levels of execution quality.”

The platform is designed to facilitate the efficient execution of block trades and helps in reducing both pre- and post-trade signalling through the capability to internalise institutional and retail order flow.

Speaking to The TRADE about what the offering entails more specifically, Lowres explains: “By pegging orders at mid-price for the duration of the trade, we effectively mitigate the risks associated with market signalling. Our strategic exchange memberships, along with our relationships with systematic internalisers and electronic liquidity providers, enable us to place orders directly across a diverse range of trading venues.

“[…] At the core of ZebrA-X is our commitment to bespoke execution consultancy, enhancing our relationships with clients through tailored execution analysis and insights. This integration of an expert ‘human touch’ approach with an innovative technology-led strategy allows us to deliver a high level of service to our clients.”

Investec’s market expertise spans the UK and South Africa, and trades in 64 markets from these two regions. Through ZebrA-X it is set to continue its recent expansion efforts into e-trading – which included the establishment of a dedicated electronic equity trading desk, headed up by Lowres, to meet the growing automated trading demand.

Read more: Liberum head of execution strategy and sales trader depart for Investec to set up new low touch desk  

Clive Murray, head of equities, says: “Bespoke execution consultancy is at the heart of our model, and ZebrA-X not only complements our existing high-touch trading solutions but also provides in-depth execution analysis that enhances our relationships with clients, helping to deliver an out of the ordinary level of service to them.”

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