OTC trading platform of the year: Trad-X - Risk*
27 November 2018 | Risk | “Looking at the market, we could see dealers trading together on the Clob and clients trading with dealers by RFQ or voice, but there was no dealer-to-customer order book. This initiative will provide an alternative to voice trading and RFQ, and the opportunity to trade anonymously on irrefutable prices without market impact,” says Philippe Dudon, global head of business development at Trad-X.
Regulatory incentives needed to boost Sonia liquidity – expert*†
7 November 2018 | FOW | According to Dan Marcus, chief executive officer of over-the-counter derivatives trading platform Trad-X, this is a good solution for Sonia. He explained that when looking to create new benchmarks from firm bids and offers you can take a mid-swap, and when building up Sonia there needs to be an “intelligent way” to do so.
Sef reforms could distort new, sounder benchmark rates*†
19 October 2018 | Risk.net | Scott Fitzpatrick, chief executive of Tradition’s Sef, urged caution in rocking the boat. “One of the risks of this concept of ‘any means of interstate commerce’ is you have benchmarks and fixings that rely on better liquidity coming in from liquid Clobs. You wouldn’t want to go backwards in that respect,” Fitzpatrick said. “The benchmark and fixing model could potentially be negatively impacted if you see a step back into a more voice-driven marketplace.”
Germans Enlist Help to Move Trillions in Swaps From U.K.*
18 October 2018 | Bloomberg | Eurex Clearing has enlisted interdealer brokers BGC Partners Inc. and Cie. Financiere Tradition SA, a subsidiary of Michael Spencer’s NEX Group Plc called TriOptima, and a firm called Quantile Technologies Ltd., a person familiar with the matter said. These four firms have been discussing how to handle the challenge with Deutsche Boerse, and will sell the switching service to their clients once it is ready.
Global Derivatives Awards 2018: Tradition, Interdealer Broker of the Year*†
26 September 2018 | Global Capital | It has now been nine months since the introduction of the EU’s second Markets in Financial Instruments Directive (MiFID II). But the sheer scale of the new regulation has meant that the last year for interdealer brokers has been dominated by its implementation and integration. “The implementation of MiFID II has been by far the biggest challenge for everyone in the market this year,” says Scott Fitzpatrick, CEO of TraditionSEF and Market Data at Tradition in New York. “The biggest challenge has been to work out how to implement it globally.”
GlobalCapital Global Derivatives Awards 2018: the winners*
26 September 2018 | Global Capital | Attendees were in high spirits at the event enjoying first the champagne reception and then the awards presentation and dinner… Interdealer broker of the year: Tradition (winner),
Global Capital to announce derivatives award winners*
25 September 2018 | Global Capital | More than 200 market participants will attend the event, which celebrates the companies that excelled in their markets this year, while going the extra mile for their clients. Attendees will include IHS Markit, Mayer Brown, JP Morgan, LCH, Tradition, Capitalab and many more.
Interdealer broker rankings 2018: shuffling the pack*
6 September 2018 | Risk | Tradition, on the other hand, shot up to second on the back of improved performances in rates, and strong showings in equity and currencies.
CFTC swaps reform “plays to Tradition’s strengths” – report*†
31 August 2018 | FOW | Inter-dealer broker Tradition said it is ready to deal with changes to US swaps rules, adding that they actually play to the firm’s strengths as an intermediary.
CFTC Seeks to Loosen Restrictive SEF Rules – DerivSource*
15 August 2018 | DerivSource | “I do not expect to see any new rules finalised until around this time next year, says Scott Fitzpatrick, CEO of Tradition SEF. “However, this is the CFTC’s opportunity to get it right and they have engaged extensively with the industry in a positive way.”