Portware upgrades FX platform with cloud deployment and TCA services
Two new sets of buzz words have entered the lexicon of the FX market in recent times: cloud-based solutions and transaction cost analysis (TCA). Portware, the software vendor to the financial markets, is now introducing these new and improved features to its FX platform.
Users of its technology can now take advantage of the company’s cloud-based FX trading solution, which enables speedy and streamlined connections with their liquidity providers, such as banks, interdealer brokers and other electronic communication networks (ECNs), the company says. It launched its cloud technology, called Portware Pro, to other asset classes in January.
Essentially, having a platform based on a cloud reduces the amount of technology expenditure a firm has to make because market data, FIX connectivity and analytics can all be based offsite and fully integrated into the trading platform. This enables firms to be operational in a much shorter time frame.
“Every new Portware FX client has chosen to deploy via our cloud because they realize it offers them the best of both worlds: the efficiency of a fully hosted trading platform coupled with the performance, customization and workflow integration of locally deployed enterprise systems,” says Alfred Eskandar, CEO of Portware.
At the same time, the firm has also enhanced its existing TCA service by adding additional reporting and analytics options that give traders greater insight into their execution quality and to manage order flow.
In April, the company said the first quarter was the strongest in the company’s 12-year history and highlighted its Portware FX volumes as one of its standout products.
It grew 24% over the quarter, driven by demand from global asset managers, who are abandoning custody management models and using Portware FX to address the increasing complexity of FX trading, analytics and workflow requirements.