Danish open API front-end trading platform tradable has today announced a partnership with bridge provider oneZero, further alluding to the increasing demand for open and customizable solutions from which to access liquidity for retail traders.
The new agreement expands oneZero’s offering by giving brokers the opportunity to deploy the increasingly popular tradable platform connected to the pricing controls and trade routing available via the oneZero Liquidity Bridge.
This represents a further milestone for tradable, a platform which is still in its relative infancy having been launched at the Forex Magnates London Summit last November, where it was awarded the Most Innovative Financial Product Award by Forex Magnates CEO Michael Greenberg.
A few months later, at the iFXEXPO in Cyprus, the general consensus among attendees and software developers was that tradable was at that point still a work in progress, but there was a lot of positivity about the open nature of the trading environment provided by such a platform.
Open Or Closed Front End?
Senior industry executives echoed that line of thinking during a discussion panel, debating whether customizable solutions are better than off the shelf, or vice versa.
Jeff Wilkins, Managing Director of ThinkLiquidity voiced his view that he sees the immediate future as being “truly a mix.”
“We use off the shelf systems all the time, however we have worked with some vendors which provide some excellent customizable solutions. There is a healthy mix, but we are starting to get much closer to the off the shelf solutions”.
Tom Higgins, CEO of Gold-i replied: “The nirvana for retail traders is a single platform where a trader can log on and see all asset classes and trade them all in the same place.”
Requirement for New Solutions In Retail FX
Andrew Ralich, , CEO and founder of oneZero, explained to Forex Magnates back in March this year that eFX technology has undergone something of an evolutionary period during the last five years.
Mr. Ralich explained that “Over the past 5 years, the popularity of eFX trading among institutional and retail participants alike has grown astronomically. This has spawned a deluge of new platforms, client experiences and liquidity pools catered specifically to the growing number of brokerage firms around the world who are interested in offering eFX to retail traders.
“All the while, MetaTrader4 has reigned supreme as the easiest way to gain traction with the ever growing base of retail clients around the world, generating an equal number of MT4 specific add-ons.”
Mr. Ralich detailed his perspective that there is now a need for further options: “Now, as the retail brokerage space has reached a point of maturity, many brokers have come and gone and some are now looking to their existing setups wondering, where do we go from here?”
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In this particular partnership, tradable brokers can choose to use oneZero’s liquidity bridge to connect to the liquidity venues of their choice and will have access to oneZero’s innovative Advanced Reporting and Monitoring System (ARMS).
tradable can be run independently connected to oneZero technology, or be integrated alongside existing platforms for brokers already using oneZero.
tradable, which according to the firm itself is the world’s first open trading platform, allows traders to create a completely customized online platform using third party developed apps to fully define their trading experience. Since launching with its ‘app store’ model last year, it is rapidly gaining momentum and has generated much interest amongst the global retail trading community.
The interest in open platforms on the institutional side has been in full swing for some time now, however the retail sector has been overwhelmingly dominated by the MetaTrader 4 platform until recently.
As MetaTrader 4 was initially designed purely as a closed platform for brokers operating a market-maker model, a number of third party software developers sought adaptations to the MetaTrader 4 platform when the STP model became popular among retail clients.
This allowed brokers to offer their clients a direct market access trading environment with bank feeds, with the familiarity of the MetaTrader 4 platform, and cover the cost of such a bridge on a cost-per-million basis just as the liquidity solution is paid for.
MetaQuotes allowed this to proliferate for some time, but began responding to it earlier this year by showing a few firms the door, including MT4i, an analytics intelligence portal for allegedly misusing MetaTrader code.
Subsequent to that, MetaQuotes issued a warning against four copy trading providers, and then launched its own third party marketplace in May this year, in which software providers wishing to add their solutions to the third party ecosystem that has grown up around MetaTrader will have to submit it to MetaQuotes for vetting so that it can be deemed compatible, then acquired via the official MetaQuotes channels.
With regard to expanding the oneZero’s support to other platforms as well as MetaTrader 4 for which it is a very popular bridge, Mr. Ralich explained to Forex Magnates in March this year that “our Bridge is becoming much more platform agnostic. We are working with a few other providers now in developing it for open platforms”.
At that time, Mr. Ralich further added: “We are doing a lot more institutional functionality on the back end, direct bank feeds, and aggregation”.
Speaking regarding the partnership with tradable, Mr. Ralich stated: “The tradable platform has created quite a buzz in the industry with its open API and app store and has established itself as a leader in the next−generation of retail front-ends. We see a lot of synergies between the model, team and motivation behind tradable and the work we are doing at oneZero.”
“We believe the next step for back-end retail FX technology will be bespoke, customizable solutions that allow brokers to pick and choose between a variety of off the shelf platforms, reporting mechanisms, trade routing and liquidity options.”
Jannick Malling, CEO of tradable adds, “There are many retail technology providers out there and we want to partner with the best of them. Everybody knows that oneZero is a top-end vendor in the bridge space, but they have evolved into much more than that, as evidenced by their recent introduction of new OMS capabilities.”
“The combined offering oneZero’s back-end tools with tradable’s open platform and app store is very compelling for brokers around the world” concluded Mr. Malling.