Tradefeedr has launched a foreign exchange trading database platform that aims to connect the buy-side with brokers and banks to analyse execution analytics.
The community-based unified framework allows participants to analyse and collaborate on trading data to create a more transparent picture of the FX market.
Tradefeedr said it has onboarded 20 buy-side firms and 15 sell-side firms to the new platform, with a further 20 others in the pipeline.
“This demonstrates that there is a real need in foreign exchange to trade using correct and standardised data, allowing faster and more accurate flows,” Seth Johnson, chairman of Tradefeedr added.
“It also reflects the benefits of a system that allows much better decision making and better relationships, while also adhering to the FX Global Code’s principles of transparency and effective communication that supports a robust, fair, open, liquid, and appropriately transparent FX market.”
The launch follows a $3 million funding round for Tradefeedr led by the private equity firm owned by former ICAP CEO, Michael Spencer, in December. The analytics specialist said at the time it would use the funds to modernise its trading data workflows.
Most FX trading takes place over the counter (OTC) rather than on exchange, except for FX derivatives like futures. This has created fragmentation and siloed data between venues and market participants.
“Users rely upon incomplete, inaccurate data, and before Tradefeedr, there has not been any method to work together with trading flows based on a common set of data. The significant adoption we have witnessed is a testament to the support for our vision and business model focused on transforming the FX marketplace for the benefit of all participants,” added Alexei Jiltsov, co-founder of Tradefeedr.