TransFICC expands connectivity to interest rate swaps with SoftSolutions

FinTech partnership will see clients access workflow and connectivity for interest rate swaps electronic trading.

Electronic trading services provider TransFICC has teamed up with financial software specialist SoftSolutions to expand its coverage and offer clients interest rate swaps trading in Europe.

The technology partnership will see SoftSolutions and TransFICC provide connectivity for interest rate swaps electronic trading and support workflow including request for quote, request for stream, request for market, process trades and lists/compression trading.

SoftSolutions will use TransFICC’s flagship API platform, which allows banks and buy-side firms to connect to multiple trading venues across various asset classes through a single API.

“Technology that supports multiple trading protocols and workflows with maximum consistency is in high demand among our clients and prospects, and our new partnership allows us to roll out this functionality to European clients,” said Steve Toland, founder of TransFICC.

Roberto Cocchi, president at SoftSolutions, added that by working with TransFICC it is able to offer the new trading services for interest rate swaps to its clients in a short amount of time, with the workflows and connectivity already in Beta. TransFICC’s integration with SoftSolutions’ bond pricing engine, nexRates, also allows access to multiple markets.

“Partnerships between FinTech specialists can, and should be the norm in this industry, where all stakeholders benefit from a best-of-breed solution without the enormous burden often carried by less agile players,” Cocchi said.

TransFICC, which specialises in low-latency connectivity, secured a strategic investment from Citi in 2018 and became the first external company to join the US investment bank’s Innovation Lab in London. 

Speaking to The TRADE at the time TransFICC founder Toland said that one of the major barriers to accessing new venues in fixed income, with currently more than 200 venue APIs in the market, is the time and costs of coding. TransFICC’s clients currently include five major global investment banks and one global market data vendor.