TraditionSEF offers execution, trade booking and reporting in CFTC regulated interest rate swap products, including vanilla rate products in multiple currencies, such as USD, EUR, GBP, JPY, spreads, butterflies, spread-over treasury, CME/LCH switch trades and a number of other package transactions.
Interest rate swaps trading (Trad-X platform)
Trad-X is Tradition’s award winning trading platform for interest rate swaps. Forming the backbone of TraditionSEF’s offering for interest rate products, the platform's matching engine is built using market leading technology, offers market leading functionality and has a proven ability to attract deep high-quality liquidity in a wide range of CME and LCH cleared interest rate products for both MAT and non-MAT transactions.
Trad-X delivers capability designed to meet the demands of today's market and a globally future-proof method of trading in a shifting regulatory landscape. Trad-X offers a flexible execution methodology, combining voice and electronic pools of liquidity to ensure the highest-quality trading experience.
Widely recognized as one of the early leaders in the newly formed SEF marketplace, Trad-X was designed and developed in conjunction with the leading global market participants. The result of this collaboration is the most advanced central limit order book available in the interest rate markets today (regularly ranked as the No1 CLOB in vanilla USD interest rates). Trad-X delivers the highest quality solution designed specifically to meet the demands of today’s evolving market structure and shifting regulatory landscape. This depth of liquidity has been recognized by industry specialists in their analysis of new and evolving market structure :
"The top-line results of the quantitative analysis found that in 92% of the scenarios, the mid-point price in the order book was better than that achieved via the RFQ"
Quantifying Interest-Rate Swap Order Book Liquidity - Greenwich Associates
Accessible globally through our flexible execution methodology, Trad-X provides access to firm, irrefutable and transparent streamed two-way pricing from the world’s largest global banks ensuring the richest and most dynamic liquidity and the highest-quality trading experience is available to our market participants. Our market participants can access liquidity and execute the most complex trading strategies in the manner that best suits their trading style.
Trad-X facilitates both hybrid and fully-electronic order entry, allowing users to execute the most complex of trading strategies via voice instruction, direct click-and-trade central limit order book access, and auction services. It covers a broad range of products across USD, EUR, GBP and JPY currencies, including interest rate swaps, FRAs, overnight index swaps, and single and cross-currency basis swaps.
Methods of access:
- Direct to the Central Limit Order Book via low-latency APIs
- Click-and-trade on our award-winning proprietary trading platform (CLOB) GUI
- Direct voice access to our highly skilled swap execution specialists (brokers) for work-up and voice RFQ
- Via third party Independent Software Vendors (ISV’s)
- Indirectly through on of our approved broker firm participants
- Indirectly through approved bank agency platforms
The Trad-X platform covers a broad range of interest rate products, including interest rate swaps, FRAs, overnight index swaps, and single and cross-currency basis swaps. To see a full list of the interest rate products offered by TraditionSEF, please refer to the interest rate asset class product listing.
Our leading position in global IRS markets has naturally led Tradition SEF to be seen as innovators in facilitating new market liquidity as and when it develops.
Developed in conjunction with key market participants, Trad-X provides firm, irrefutable and transparent streamed two-way pricing from the world's largest global banks.
Non-USD interest rate swaps and other package transaction
In addition to our services for MAT interest rate products, TraditionSEF enables participants and customers of broker firm participants to enter orders or submit pre-arranged trades in a wide variety of Non-MAT interest rate swap products for execution, trade booking and reporting.
Access to the TraditionSEF Non-MAT interest rate swap platform is available via direct connection to SEF execution specialists or through our list of authorized broker firm participants (a list of which can be found here). Interest rate swap products offered cover multiple currencies and include but are not limited to: EM interest rate swaps, inflation swaps, constant maturity swaps, interest rate options, Mexican TIIE swaps etc. To see a full list of the interest rate products offered by TraditionSEF please refer to the interest rate asset class product listing.
For further details on how to become a broker firm participant to facilitate pre-arranged transactions, or to inquire as to how you may access our SEF as a participant or customer of one of our existing broker firm participants please contact our Onboarding team at:TradSEFOB@tradition.com