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Liquidity at a Touch

Trad-X

Trad-X is Tradition’s multi-asset class trading platform for OTC derivatives. The platform has rich functionality, low latency and a proven ability to attract deep high-quality liquidity.

Trad-X delivers capability designed to meet the demands of today's market and a globally future-proof method of trading in a shifting regulatory landscape. Trad-X offers a flexible execution methodology, combining voice and electronic pools of liquidity to ensure the highest-quality trading experience.

Trad-X facilitates both hybrid and fully-electronic order entry, allowing users to execute the most complex of trading strategies via voice instruction, direct click-and-trade central limit order book access, and auction services. It covers a broad range of products across USD, EUR and GBP currencies, including interest rate swaps, FRAs, overnight index swaps, and single- and cross-currency basis swaps.

Developed in conjunction with key market participants, Trad-X provides firm, irrefutable and transparent streamed two-way pricing from at least 12 of the world’s largest global banks.

 

Benefits of Trad-X 

  • Liquid: platform liquidity provided by global players

  • Compliant: designed to comply with international regulatory requirements

  • Flexible: execution methodology combines voice and electronic capabilities

  • Fast: ultra-fast connectivity options available

  • Scalable: proprietary market-leading technology enables timely responses to ever-changing market conditions

  • Accessible: via Trad-X’s own customizable user interface or through standard FIX protocol

  • Transparent: visibility on price and size, transparency on price formation process

  • Affordable: highly-competitive, uniform electronic trading fees

  • Certainty: limit based control system ensures pre-trade certainty for all participants

 

Features of Trad-X 

  • Continual streaming of two-way markets to more than 250 of the most liquid interest rate swap price points in market size covering USD, EUR and GBP swaps

  • More than 10 million submitted orders received each day, producing in excess of one billion tradable orders

  • Full implied engine ensures production of orderly yield curves and real-time generation of thousands of prices and strategies

  • Continuous electronic provision combined with voice capability ensures access to a deep liquid market with continuous real tradable interests

  • Full STP capability and connectivity to relevant clearing houses

  • Market-leading, richly-functional limit based risk control systems

  • Public Reference Data provided on a pure electronic basis for all currencies, available on Bloomberg and Reuters

  • All products cleared by relevant CCPs, including LCH and CME

 

Liquidity at a touch

Liquidity on the platform is provided by multiple participants, including 12 of the largest banks in the world.

Firm, irrefutable pricing (supported by the unique Trad-X implied engine) enables the generation of a smooth curve and maximum liquidity at all times.

This unprecedented level of price transparency is fully tradable, ensuring the most accurate pricing in the market.

 

Execution methods

Trad-X offers execution capability on multiple products including outrights, spreads/switches, flys and asset swaps.

Trad-X also runs auction services, as a complimentary service, in Interest Rate Options, End-of-Day Snapshots and our innovative margin efficient CCP switch service.

 

Regulatory transparency

  • In accordance with US Regulatory Requirements:

    • Trad-X operates as the IRS marketplace within Tradition Group’s CFTC-registered SEF–TRADITION SEF (www.traditionsef.com)

    • Trad-X is a fully-compliant Order Book environment

    • All bids and offers submitted are inputted to Trad-X

    • All submitted bids/offers are available to ALL in a non-discretionary, non-discriminatory manner through various means of access

    • All bids/offers are pre-trade credit checked in accordance with CFTC regulatory requirements and are firm and fully executable

    • All activity is pre-trade anonymous

    • All executed trades are reported and cleared in accordance with ‘real time’ reporting and processing requirements

  • Under EU regulations, Trad-X is operated as a Multilateral Trading Facility (MTF) and regulated by the Financial Conduct Authority

  • Trad-X is designed to accommodate anticipated future regulatory developments such as MiFID 2 and MiFIR