Former LMAX team launches tech company

Technology aims to address fragmentation and data issues in fixed income and derivatives markets.

A team of former LMAX Exchange employees have announced the launch of a new technology firm to tackle market fragmentation and data issues.

FinTech firm TransFICC aims to provide technology addressing Mifid regulation, fragmentation and data in the fixed income and derivatives markets.

The TransFICC development team claim to have significant technical expertise in trading derivative and fixed income products.

Toland, along with co-founders Judd Gaddie and Tom Mckee, also held senior positions at LMAX Exchange.

Its technology claims to enable coordinated timing between fragmented venues, scalability of market data, and the reporting required under Mifid II.

With Mifid regulation requiring transparency, proof of best execution, and market surveillance, banks are expected to update their technology.

Steve Toland, founder of TransFICC said the technology was formed in response to banks and the buy-side asking for solutions to these regulatory issues.

Toland said: “Complying with Mifid II regulation requires a robust technology infrastructure combined with high performance messaging.

“Our technology team has experience of developing exactly these types of products.”

Toland added: “The fixed income and derivative markets comprise over 120 venues. 

“TransFICC is developing fast, robust and scalable technology that can efficiently process significant surges in market data across these venues during volatile markets.”