Rule Financial, an independent provider of business consultancy, IT consultancy and IT services to the global investment banking community, today announces that it has developed a new online eTrading platform for PYXmarkets, formerly known as CityOdds.
The B2C digital option eTrading venue offers clients the ability to gain returns by trading intraday within the world's most liquid assets - such as the FTSE 100 or forex - on end-of-day outcomes.
PYXmarkets users can create their own bespoke asset options to suit their trading requirements. On PYXmarkets, traders can limit risk exposure whilst still being able to receive a maximum return of up to 2,000 per cent from each trade. Real-time pricing not only makes PYXmarkets competitive as a trading venue, but all of its incumbent features make it one of the most advanced technologies in this space.
Rule Financial was selected by PYXmarkets to evaluate the existing architecture, including re-designing the platform to make it more scalable and robust. This included migrating the code base from C++ to Java and simplification of the data architecture. Introducing an element of 'social' to the platform, Rule Financial embedded technology which supports interactive trading chat and trader tournaments. The platform provides live position updates, real-time position valuations and real-time position close-outs.
PYXmarkets uniquely allows users to trade in the final hour before markets close and has no explicit commissions on trades. The application is suitable for both retail and institutional use, allowing traders to set their own strike price.
Richard Hutchinson, CEO, PYXmarkets said: "In the development of PYXmarkets, our mission has been to create a comprehensive eTrading platform that limits risk while delivering defined returns and real-time pricing. We chose Rule Financial to develop the application for us, as their consultants have an established pedigree in development of real-time eTrading platforms, working with the world's leading financial institutions. The Rule Financial team embraced where we wanted to take the service and transposed our vision into a platform with a fantastic user experience and functionality set."
Graeme Harker, specialist in eTrading, Rule Financial said: "Retail trading is rapidly evolving, as social media is changing the way in which trades are researched and placed. PYXmarkets is harnessing the latest technology and delivering users with a really unique and exciting platform. PYXmarkets introduces inexperienced traders to the market with limited risk, while professional traders have all the essential tools needed to maximise trading opportunities. We're delighted to be involved in the development and launch of the platform."