TraderTools Inc. (TraderTools), which provides the only complete, integrated FX trading platform available on the market, announced today that it has partnered with Citi's Prime Finance to offer LightFX, the world's first and only fully-disclosed, relationship-based FX pricing and aggregation service. The prime-based, hosted service is expected to be launched by mid-second quarter 2011.
The new TraderTools service will provide a more cost-effective alternative to traditional ECNs, which execute FX trades anonymously and charge both liquidity providers and takers. With LightFX, liquidity takers will receive relationship pricing at significantly reduced upfront and operational cost, while liquidity providers benefit from being able to provide a fully-transparent service where they can differentiate themselves from their competition. Also, since liquidity providers will not be charged for the service, more are expected to join LightFX, enabling the service to provide more liquidity at more competitive pricing.
"We are very honored to be a partner in LightFX. It is a truly unique offering that works well for all participants," said Andrew Coyne, Managing Director, Head of FX Prime and G10 eCommerce at Citi.
"The market is demanding fully-disclosed, relationship-based pricing - and we're listening," stated Yaacov Heidingsfeld, CEO of TraderTools. "Partnering with Citi brings us a premier prime broker with full STP and messaging functionality, quick time-to-market and vast experience in fast-changing regulatory environments."