Interest rate swaps (IRS) platform Trad-X’s Euro short end product has matched orders nearing €35 billion.
Trad-X is a multilateral trading facility operated by Tradition, an OTC derivatives brokerage service. Trad-X enables electronic order entry, whilst leveraging the benefits of execution capability of Tradition’s voice brokers.
Daniel Marcus, CEO of Trad-X, said the hybrid central limit order book provides Euro short end products, covering Eonia, ECBs, Annual money 1s, EONIA/BOR basis and IMM FRA/EONIA basis.
“We are very pleased that this innovative offering is making such excellent progress and providing a transparent firm price distribution model to the market,” he said.
“The key to Trad-X’s success is the combination of our voice and electronic liquidity pools. Tradition’s network of European offices all provide hybrid entry points in to Trad-X Euros.”
Trad-X provides live streaming and two-way pricing to the platform across liquid IRS derivatives in EUR, GBP and USD. According to the platform, since its launch, Trad-X has matched orders totaling a value of approximately US$2.5 trillion.