Fixed income and derivatives electronic trading technology provider, TransFICC has launched a new service – Credit Agent – with the aim of automating quote negotiation and trading.
The new offering is tailored specifically for dealers providing pricing on dealer-to-client (D2C) venues, and will allow these users to automate their credit trading quickly, to enhance workflow efficiency and provide an improved client service.
The solution will either route enquiries to stream prices, negotiate and execute automatically based on a dealer’s price stream, or to traders for manual execution, depending on a dealer’s configuration.
Moreover, Credit Agent will also support more than 50,000 RFQs per minute, as well as functionality for on-the-wire workflows, automatic requoting, last look, price tolerance acceptance and auto rejects.
“The volume of credit RFQs continues to grow and dealers of all sizes need to automate these workflows to satisfy client demand and efficiently capture trade flow,” said Tom McKee, co-founder of TransFICC.
“Credit Agent provides the code, support, and security out of the box, meaning dealers can set up in a week and go live within a month.”
Read more – Citadel Securities leads $25 million Series B investment in TransFICC
Currently, TransFICC clients span the sell-side, buy-side and exchanges, including Citi, NatWest, NAB, Santander and Wells Fargo.
The Credit Agent service will be available for us on Bloomberg Bonds US, MarketAxess US, Tradeweb Cori and Trumid List.
Further platforms, such as LTX and MTS BondVision are also expected to integrate the service in the future.