NEX Data, a NEX Group business which delivers global pricing data and information solutions, and Tradition, one of the world’s largest interdealer brokers in over-the-counter commodity and financial products, announce today that they have agreed a distribution partnership.
NEX Data will become a key distributor for Tradition’s market data and information services division, TraditionDATA. The agreement includes real-time and end-of-day prices sourced directly from Tradition’s global electronic, hybrid and voice broking operations in all asset classes to include: interest rate derivatives, money markets, energy and commodities and fixed income products. It also covers data from Trad-X, Tradition’s market leading electronic trading platform for OTC derivatives, and Tradition Asia, the interdealer broker’s Japanese and pan-Asian division.
Kevin Taylor, Managing Director of NEX Data, said: “In the current era of regulatory change, the need for accurate and reliable trade-backed data continues to grow as it provides greater transparency of financial markets. This is particularly true of OTC derivatives which are traditionally transacted over the phone via voice brokers and feature a number of hard-to-price, less liquid assets than those traded electronically.
“By acting as a distributor to Tradition, which offers complementary data services to NEX Data, we are able to expand our multi-asset class and Asian market coverage and develop new services in pricing, analytics and indices. This will help our clients conduct pre-trade analysis, aid price discovery, inform investment decisions and manage risk.”
Dan Marcus, Global Head of Strategy and Business Development at Tradition, said: “Tradition has a long history of arranging, managing and executing across a range of liquid and illiquid financial products, instruments and asset classes globally. Our decades of expertise and brokerage experience has allowed us to build up a rich database of historic data and trading activity. This offers a crucial independent pricing source for market participants seeking to source liquidity and accurately price and manage risk.
“Our partnership with NEX Data will be mutually beneficial; it will substantially expand the reach and distribution of our respective complimentary market data and information services and enable our clients to benefit from a wider set of data sources.”