Andrew Ralich

Andrew Ralich, chief executive and co-founder of oneZero, said: “[The acquisition] underscores our commitment to delivering industry-first technology solutions, powered by data intelligence, that deliver unique value for our clients and foster loyalty with their customers. 

“Our vision for the future of capital markets – centred on customer focus and data-driven insights – dovetails perfectly with Autochartist technology and their commitment to driving retention, education and engagement through market data.”

Specifically, Autochartist’s cloud-based analytics and data engine will be integrated into oneZero’s market-leading offering. 

The deal follows on from Golden Gate Capital’s strategic investment into oneZero last November, at the time stated to be aimed at “fuelling both organic growth and strategic acquisitions”.

Read more: oneZero receives capital boost from new investor as it seeks to expand its role within the global OTC asset trading market

“Joining oneZero marks an exciting new chapter for Autochartist and our clients,” asserted Ilan Azbel, founder of Autochartist.

“Our clients will continue to benefit from the products and services they know and trust, now enhanced by oneZero’s industry-leading customer support, robust infrastructure, and extensive data resources.”

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oneZero works over multiple asset classes, offering trading technology for banks and financial institutions.

In addition to the oneZero integration, Wintermute has also introduced the market’s first multi-currency collateral support, which will enable counterparties to post any cryptocurrency or fiat as margin collateral for CFD trading.

Despite CFDs being a more recent addition to Wintermute’s OTC derivatives offering, launched in March, trading volumes had increased more than threefold by June, according to the firm.

Wintermute stated that it sees significant growth opportunities in the relatively smaller volumes of crypto CFDs, with plans to position itself as a leading liquidity provider in this market.

With the firm expecting increased market demand for efficiently cleared and settled digital asset contracts, Wintermute has integrated with oneZero.

“To offer their clients an efficient trading environment, brokers need deep liquidity and reliable 24/7 pricing, and Wintermute is ideally positioned to meet these needs,” said Evgeny Gaevov, chief executive of Wintermute.

“[…] Leading financial institutions can now access Wintermute’s tight spreads, competitive margins, no fees, and 99.9% uptime for over 350 CFD trading pairs through oneZero’s robust infrastructure.”

oneZero has built a liquidity-neutral ecosystem on behalf of its clients, covering over 250 brokers, banks, and liquidity providers who trade more than $200 billion in notional volumes across a range of asset classes via the platform every day. 

“Wintermute has an outstanding track record of providing robust liquidity for hundreds of digital assets, ensuring market access for banks and other B2B clientele,” said Andrew Railch, co-founder and chief executive at oneZero.

“oneZero’s ability to offer innovative, multi-asset capabilities alongside our pioneering FX offerings, all backed by a robust data and analytics framework, continues to differentiate our offering.”

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New Change FX’s feeds will be incorporated into oneZero’s suite of analytics in Data Source, adding a new stream of  independent FX reference data.

From now, clients will have the option to enhance trading performance by leveraging the New Change FX reference data in reporting.

Paul Lambert, chief executive of New Change FX, explained: “oneZero provides clients with extremely powerful analytics via Data Source Insights, and the addition of New Change FX’s benchmark data takes that to a new level.

“FX analytics are proving increasingly important for liquidity management and at New Change FX we share oneZero’s view that independent data is key to objective price measurement and improved trading outcomes.”

Read more: OneZero launches analytics to help traders review ‘last look’ impact

New Change FX has been authorized by the Financial Conduct Authority FCA) as a benchmark administrator since 2018.

Andrew Ralich, chief executive and co-founder of oneZero, said: “Today’s integration with New Change FX exemplifies how our adaptable data framework further enables clients to seamlessly access value-added services within our network of data partners. We are committed to continuing to build in new capabilities alongside the industry leading data and analytics capabilities that have been developed within oneZero’s Data Source product.”

Last December, oneZero added Cboe FX and State Street to its network of liquidity providers and venues. As part of the move, the two firms were granted access to more than 200 FX brokerages in the oneZero network which make over 10 million transaction and 150 billion quotes per day across retail and institutional FX markets.

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As part of the move, the two firms will have access to more than 200 FX brokerages in the oneZero network which make over 10 million transaction and 150 billion quotes per day across retail and institutional FX markets.

Originally launched in 2019, oneZero’s Institutional Hub has experienced rapid adoption from institutional brokers and banks looking to replace legacy systems.

Cboe FX, which benefits from an independent, transparent market structure, will leverage custom liquidity pools to address participants’ execution criteria, with configurable firm and non-firm streaming quotes for specific liquidity needs.

Elsewhere, State Street will utilise shared as well as tailored streams, through direct relationships with their liquidity consumers.

According to oneZero, State Street will be able to send clients a customised blend of liquidity, tapping into multiple streams that allow for individual pricing per client segment according to flow characteristics, as well as shared streams for scalability.

“At oneZero, we believe in liquidity optimisation. We facilitate improvements in brokers’ liquidity supply chain which result in better flow for liquidity providers and better relationship management between brokers and LPs,” said Phil Weisberg, EVP of strategic planning and partnership at oneZero.

“We have invested heavily into our institutional product function, and we are delighted that Cboe FX and State Street will see the benefits of this.”

Dan MacGregor, head of eFX sales Americas at State Street, added: “As part of our continued commitment to our clients, we were attracted to oneZero’s streams-based approach to liquidity. This gave us confidence that oneZero would enable us to offer the drilled-down, customised liquidity that is central to positive trading outcomes in today’s market. We look forward to working with oneZero and further deliver value to our clients.”

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Indu Maheshwari has been appointed product manager, responsible for the development of oneZero’s over the counter (OTC) liquidity ecosystem.

She joins from futures and foreign exchange trading technology provider, Fluent Trade Technologies, where she was chief operating officer and head of Asia Pacific for nearly two years.

Prior to that, she spent nearly 18 years at Thomson Reuters, where she was most recently responsible for managing liquidity providers and buy-side clients as head of relationship management for FX transaction sales in Asia.

She also operated as head of post trade services, sales and trading for Asia, responsible for the launch of trade notification (RTNS) and business development for electronic trading, which included the launch of China Foreign Exchange Trade System (CFETS).

Alongside Maheshwari’s appointment, Kevin Verardi has been appointed as product designer, responsible for oneZero’s credit offerings and the Institutional Hub’s trading user interface.

He joins from Refinitiv’s FXall, acquired by the London Stock Exchange Group (LSEG) in January last year, where he had been responsible for its request for quote (RFQ) and request for stream (RFS) venues as a director in its buy-side relationship trading division.

He also notably spent 12 years at Bank of America, most recently responsible for heading up its foreign exchange prime brokerage product development including designing the FXPB user interface, and 10 years at Lehman Brothers where he held several roles including managing its FXPB global client service desk building up the multi-product desk from scratch.

“I am looking forward to progressing oneZero’s credit offerings and improving the trading user interface which enables users to organise their liquidity, execute trades, and manage their risk positions,” said Verardi.

Maheshwari and Verardi’s appointments follow significant investments by oneZero in its institutional business over the last year, which has seen the launch of analytics to help traders review the impact of ‘last look’ and a new Algorithmic Pricing Module, which both work alongside its Institutional Hub.

“We are delighted to welcome Indu and Kevin, whose knowledge will help to establish our products as we continue to break new ground with solutions for institutional clients and liquidity providers,” said Andrew Ralich, co-founder and chief executive of oneZero.  

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Broker-dealer trading technology provider, oneZero, has launched a new analytics offering that will allow traders to analyse the impact of the controversial ‘last look’ execution method.

Last look practices allow banks and brokers to accept or reject an order received against its quoted price. It is used as a form of verification of the validity of a price offered.

OneZero’s analytics will provide users with insights into the order flow they send to liquidity providers, quoted spreads and the impact of potential last look rejections when constructing their pricing and fleshing out hedging strategies. 

The new analytics will be offered in two packages, including a standard package which reports fill times by liquidity provider on flow, size or currency pair basis, and an advanced package to compare various liquidity providers’ approaches to last look when with estimates of the impact of rejections on spreads. 

oneZero said the data will allow traders to make informed decisions about the type of flow they send to liquidity providers and the organisation of their liquidity supply chains.

“oneZero plays a critical role in the market as a counterparty-agnostic technology provider. Last look analytics will provide better information that will lead to more informed outcomes for our clients and the whole market. This is especially important at a time when the industry is focused on the development and fair and effective usage of the last look process,” said Andrew Ralich, oneZero chief executive and co-founder.

The analytics follow the publishing of last month’s Global Foreign Exchange Committee’s report on last look to promote wider understanding of the practice and its impact on the market.

The paper concluded that liquidity providers should ensure a fair and effective process and that information should be readily available to allow for the evaluation of the handling of trading requests. 

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Reider will be responsible for building the execution and risk management capabilities of oneZero’s Hub technology to meet the needs of institutional clients.

Over the last 10 years, Reider served as development manager for the FXall product at Refinitiv. While at Refinitiv, Reider worked on several applications, including building the FX Options product for FXall and the multi-asset callouts platform.

Previously, Reider spent 15 years at Credit Suisse, where he acted as director of foreign exchange IT and developed FX systems for cash and derivatives for risk management, transactions processing and e-commerce.

“Throughout my career, I’ve been focused on using technology to improve the way the financial industry trades FX. Now at oneZero, I’m thrilled to be part of a team that’s developing cutting-edge solutions for the institutional market,” said Reider.

The appointment of Reider comes as oneZero continues to make enhancements in the company’s flagship technology platform for brokers and banks, Institutional Hub. In March this year, oneZero launched the Algorithmic Pricing Module, a price creation tool that allows brokers to construct customised prices using proprietary algorithms based on their market data and market risk positions.

“Marc’s background in product development for the institutional market is impressive. There is no doubt he will be a tremendous leader as we continue to bolster oneZero’s institutional offering,” said Andrew Ralich, co-founder and CEO of oneZero.

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 The FX market has witnessed a significant proliferation of trading venues coming to market over the course of the last several years, with expectations of major consolidation soon to come, however the use of data will be instrumental going forward to build and optimise a diverse liquidity network.

“Empirically there are a growing number of venues and every year it has grown. The reason for this is that the light regulation in FX means it’s a low barrier to entry and that we cannot predict what new ideas people will have,” said James Sinclair, executive director, MarketFactory.

Within such a crowded marketplace with low barriers to entry, competition among venues is fierce and innovation is required to stand apart to attract buy-side clients.

“One thing that should be very clear is the innovation that is happening in data science right now is not that you are going to get a new type of PDF or graph from your vendor or liquidity provider that is going to make you smarter,” commented Andrew Ralich, CEO of technology provider, OneZero.

“The venues stepping up to provide data in the same ways that liquidity providers have been using it before is going to be one of the differentiating factors, as well as one of the interesting consolidation factors. It’s a challenge but the technology is out there now to do it.”

Jill Sigelbaum, head of FXall, Refinitiv’s trading venue for FX, also highlighted the important role of data provision and usage for the future of the FX markets, particularly for different venue operators.

“It’s a huge advantage to be a large venue operator because you have access to all that rich data. This gives us a super amount of intelligence on how the market is trading, when is a good time to trade, and we’re building tools to give that information back to our clients so that they have better intelligence with how they trading,” Sigelbaum said.

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