TMX Insights today announced a strategic alliance with Velocity Trade, a global provider of Equity and Foreign Exchange (FX) trading services.
Velocity Trade will provide TMX Insights with FX data, and TMX Insights will deliver TMX Analytics tools that provide in-depth market FX and Equity data analytics to Velocity Trade's international customer base.
TMX Analytics is a new data analytics product that synthesizes vast quantities of trade-by-trade data, compiled to provide rich analysis that enhances transparency in FX markets, which enables clients to more efficiently assess trading strategies and meet their Best Execution needs.
"We are pleased to join forces with Velocity Trade as an important partner," said Eric Sinclair, President, TMX Market Insights and Group Head of Information Services, TMX Group. "Our TMX Insights team continues to explore and build dynamic solutions designed to address current market challenges and create competitive advantages for clients. TMX's alliance with Velocity Trade to deliver TMX Analytics to the client base of an established global trading services firm is a strong indication that we are on the right track."
"Velocity Trade welcomes the alliance with TMX Group. The TMX Analytics tools provide our clients with transparent and historical access to high quality FX and Equity insight on pricing comparatives. Through this alliance, clients can access unbiased tools to analyze the routing decisions made as it relates to their order flow, plus have the ability to measure the impact of the FX and Equity trading costs realized on cross border activities. In short, the TMX Analytics product is a dynamic, multi-asset Trade Cost Analysis tool that can measure trade implementation performance", said Simon Grayson, CEO of Velocity Trade. "Not only will our customers now be able to gain access to the Canadian, US and global data that is needed to identify opportunities in the international marketplace, they will be able to get it all from one source".