The number of FX market participants publishing and receiving trade notifications on Thomson Reuters trade notification network has grown 50 percent year-on-year through February 2016 as industry participants seek to realize the benefits of increased transparency and reduced costs and errors from automated trade notification and straight through processing (STP).
Thomson Reuters Trade Notification (TRTN) has also seen an increase in message volume of 20 percent in the same period, as Thomson Reuters looks to improve market efficiency by providing an agnostic industry-wide network.
“While regulation is putting the onus on market participants to ensure transparency throughout the trade life cycle, efficiency and cost benefits are also driving our clients to consolidate the systems they use,” said Alex Walker, head of post-trade, Thomson Reuters. “For trade notification they are looking for a system that can serve the entire FX market, and we are committed to partnering agnostically across the industry to achieve that. With Thomson Reuters Trade Notification we have created one of the FX industry’s largest trade notification networks with over 100 publishers and more than 1000 receivers participating.”
Designed to serve the full spectrum of global FX market participants, TRTN provides a single connection for them to connect with counterparties around the world in a venue-agnostic manner. Banks and brokers can automatically publish and receive notifications executed on broker networks, bank platforms, ECNs and FX venues globally. TRTN messages are received securely in real-time and in a choice of industry-standard message formats that offer future-proofing as well as ease of downstream integration.
Fully integrated into Thomson Reuters new desktop platform FX Trading, TRTN is available as a deployed solution via XML and Thomson Reuters Ticket Output Feed (TOF) or as a hosted solution via a FIX interface. The hosted FIX interface is capable of accessing all FX venues that have chosen to use TRTN to publish trades including those of Thomson Reuters. It offers benefits such as reduced total cost of ownership, encryption and rich functionality for complex trade scenarios. FIX also allows flexible data aggregation and segregation to map onto customer business models, helping them to manage multiple dealing codes.
Thomson Reuters has also recently expanded TRTN to include STP support for options and allocations. In addition its venue-agnostic affirmation service allows traders to view their electronically-negotiated trades and simplify their workflow for affirming voice-brokered trades.
Introduced in 2014, Thomson Reuters FX Trading furthers Thomson Reuters strategy to provide a platform that brings together the best of the company’s pre-trade tools, trading venues and post-trade capabilities, including TRTN, into one single next-generation desktop. FX Trading has been designed as the natural upgrade path for users of all its legacy FX transaction venues and will continuously evolve as more functionality and content is added.