Elidata automates RFQ for ETFs with latest solution

Elidata introduces the first feature in the world that automates the RFQ process connecting markets to an ETF trading platform.

C-RFQ from Elidata is the first feature in the world that automates the request for quote (RFQ) process for ETFs thanks to its direct connection with trading venues and market leader Bloomberg RFQe platform.

Totally integrated into CTS (Caronte Trading System), the new solution automates the RFQ process for ETFs, allowing clients to optimise trading strategies through centralised and complete monitoring of the workflow.

With the innovation introduced with C-RFQ and the data exclusively usable by Bloomberg Terminal, the solution is also a multi-market and multi-channel trading application.

Integration with Bloomberg allows the trading desk to have a flexible and dynamic tool for their business strategies. One of the applications is the immediate and fully automatic transfer of RFQs received from the markets directly to Bloomberg, increasing and enhancing the execution possibilities.

C-RFQ allows the customer to have total vision and control of the entire RFQ process from a single platform connected to both the markets and the Bloomberg platform (through DOR – direct order routing price taker workflow). Borsa Italiana is the first market model currently successfully integrated into the EliData solution.

The C-RFQ solution has been used by the Mediobanca trading desk since the end of June 2020, with intensive use of the new functionality that has immediately seen very positive feedback in terms of efficiency, interconnection and speed of action.

EliData is the first in the world to offer this feature for ETFs, and the mid-term goal is to implement it on other ETF market platforms and expand the coverage to also include bonds.

Vito Pinto, director equity manager, Mediobanca, said: “The C-RFQ solution allows us to operate in a fast and automatic fashion from a single platform, CTS, being connected simultaneously to the markets and to Bloomberg RFQe. We are very satisfied with the EliData’s solution as it allows us to optimise the time spent on RFQ operations, improving the quality of our daily activities and of our business.”

“The great advantage of C-RFQ is the potential in terms of applicability of connection to the multiple market platforms, which allows the market maker to operate in a simple way from a single platform, avoiding the risk of latency due to any manual insertions and use of different applications”, explains Marco Connizzoli, CEO of EliData. “We are constantly motivated by innovative and quality solutions that may allow our customers to operate on efficient and increasingly multi-connected applications”.