Marex subsidiary, X-Change Financial Access (XFA), and Genesis Global have partnered for the deployment of an automated quoting system for flexible exchange (FLEX) options.
The automative aspect of the offering works to increase liquidity and promote best price execution, streamlining intraday quoting of FLEX options, enhancing the speed and reach of XFA’s brokerage services.
Stephen Murphy, chief executive and co-founder of Genesis Global, said: “Built in only two months, the FLEX-FA platform demonstrates that trading operations for even the most bespoke financial products can migrate from spreadsheets and manual processes to modern, enterprise quality solutions which benefit brokers, market makers and end users, alike.”
Specifically, Genesis-built FLEX-FA has a central message hub and request-for-quote- (RFQ) workflow manager, allowing XFA to electronically distribute RFQs to multiple market makers. These quotes can then be returned via FIX back to XFA.
In addition, “the system aggregates RFQ responses and customized interfaces, designed by Genesis, make it easy for XFA to place orders with winning quotes,” according to the business.
Marex, XFA’a parent company also uses a Genesis solution – Trade Allocation Manager, used for cross-asset class middle office processes.
Andrew Geye, head of structured products at XFA, said: “FLEX-FA enables us to provide high levels of service to clients amid dramatic growth in volume and order complexity in the FLEX option market. In partnering with Genesis, we have developed a scalable, modern RFQ solution which improves the price discovery process by enhancing speed, accuracy and efficiency.
“With FLEX-FA, we help our customers reach a broad audience of liquidity providers, regardless of how complex the order might be. The platform also enables market makers to quote with confidence and accuracy, which is important in an increasingly active marketplace.”