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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Blair Hawthorne

The Portware platform, utilised globally by buy-side traders, is an advanced, multi-asset EMS providing access to diverse market participants and liquidity destinations. 

Specifically, LoopFX’s ‘peer-to-bank’ matching engine technology is set to be embedded into Portware to allow FactSet clients to access the offering directly in the existing workflow on the desk.

Chris Matsko, head of foreign exchange trading services at FactSet, said: “This announcement showcases FactSet’s dedication to enhancing our products by working with innovative solutions that provide the best possible outcomes to our valued clients.”

Read more: FactSet on trends within buy-side trading

LoopFX serves both the buy- and sell-side, sourcing large block liquidity in a dark pool and eliminating information leakage, reducing trading costs, and improving execution processes for FX trades over $10 million. It matches asset managers and banks at an independent market mid-rate. 

“Portware is a trusted hub for some of the world’s largest asset managers whose clients now have direct access to LoopFX functionality within their preferred workflows,” said Blair Hawthorne, founder and chief executive of LoopFX.

Back in July 2022, State Street partnered with FactSet to streamline data flows across the front, middle and back-office through the State Street Alpha’s data platform, promising an improved experience from client portals for equity, fixed income and multi-asset strategies.

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Named LoopFX the venue has high hopes of becoming the new liquidity venue for large spot FX trades using a “revolutionising” centralised peer-to-peer-to-bank model which matches peers with each other and with bank interest.

Using the platform, buy-side firms can identify matches of large trades in excess of $10 million with peer firms which simultaneously allows banks to “safely” show axes. The venue claims to minimise both risk and cost by forcing matches to execute at an independent market mid-rate. It is built as an open architecture technology in the hope that it can integrate current workflows on existing trading platforms with minimal legal hurdles.

The management team is led by Blair Hawthorne, formerly abrdn, and also boasts former individuals from across State Street, UBS, Molten Markets, American Express, 360T, and CME Group.

“After months of speaking to more than 30 large financial institutions, and gaining significant expressions of interest, we believe we have the right solution to the problem of identifying, in real-time, the optimum counterparty when executing large spot FX trades,” said Hawthorne in a statement. “LoopFX improves both execution outcomes and Best Execution processes, a material improvement for all market participants.”

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