Low-latency connectivity and workflow services provider TransFICC has launched request for quote (RFQ) negation workflow automation platform TransACT.
Designed for banks trading on dealer-to-client (D2C) venues, TransACT aims to simplify the RFQ negotiation workflow and reduces the time it takes for a bank to develop automated trading solutions for its customers.
Rather than building their own automated negotiation systems to respond to customer RFQs, banks provide a price stream and an execute/reject instruction for a given RFQ through an API. The rest of the RFQ negotiation is handled by TransACT, TransFICC explained.
This will allow clients to automate parts of their credit trading and focus on larger tickets and risk management strategies, the company stated, while improving the quality and speed of client service.
The hosted service is initially available for use on MarketAxess, Tradeweb, Bloomberg and TruMid for US credit. The company intends to expand into further RFQ assets later this year, it added.
Judd Gaddie, co-founder of TransFICC, said: “Our auto-negotiation service provides the code, support, and security out of the box. The only bank requirement is to have a pricer, meaning the service can quickly go live. What used to take months or years for a bank to deploy has been reduced to a few weeks.”
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