Fixed income and derivatives venue connectivity specialist TransFICC has partnered with trading technology provider SoftSolutions! to deliver a cloud-based trading service.
Through the partnership, the cloud hosted trading service will offer users connectivity to multiple fixed income trading venues.
SoftSolutions! provides cross-asset market making platforms, including nexRates, a rates execution management system (EMS), XTAuctions, a primary auction platform for dealers, and BestX!, a buy-side EMS for auto execution on fixed income venues.
Through the new service, TransFICC will provide connectivity to most recent version of the cloud-based trading as a service (TaaS) from SoftSolutions! nexRates, which enables request for quote (RFQ) trading connectivity to venues, including Bloomberg.
TransFICC said it supports multiple versions of Bloomberg’s RFQ trading gateways (TNP) to ensure easy migration to the latest version, TNP 3.2, claiming that increasing demand for bid offer list trading (BOLT) workflow for bonds had driven demand for upgrades to trading gateways across the market.
“With TransFICC providing access to both D2C and D2D markets, nexRates is now able to provide the sell-side with the ability to service client requests as well as being able to hedge or trade out of positions on the inter-dealer markets – either manually or automatically,” said Roberto Cocchi, CEO of SoftSolutions!.
Several cloud-based trading initiatives have been launched in recent months, spurred on by remote working conditions brought on by the pandemic.
Most recent was Cloud9 and Glue42 who confirmed in April that they were partnering to deliver remote voice trading to institutional investors.
The solution will support ‘click to call’ directly from the bank’s CRM or Microsoft Office suite, initiating a call through the platform by Cloud9 with a long-term objective of allowing the solution to capture voice orders via the phone and open a ticked on an order management systems.
“Working with SoftSolutions!, we provide cloud connectivity for the nexRates cloud hosted platform and have successfully completed the Bloomberg API upgrade, making it fast and simple for clients to move to the new gateway and begin trading using BOLT,” said Steve Toland, co-founder of TransFICC.