Last November it was posted that ParFX, an API-based multi-dealer trading platform (MDP) was launching a front-end interface version of their product with technology from TradAir. Currently, another FX MDP that was only previously available through API connections is launching an interface for their platform.
According to Caplin Trading Systems, developers of web-based trading platforms targeted to banks, the company has been selected to develop a user interface for FastMatch, a MDP whose ownership includes FXCM, Credit Suisse and BNY Mellon. The interface will be based on FX Motif, Caplin’s customizable FX web trading solution, which was launched in September 2013.
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Operating with a central order book system similar to exchanges, rather than being quote driven until recently, FastMatch has been primarily marketed as a FIX API FX liquidity source for brokers, hedge funds, and banks; thereby mitigating the need for an interface. The upcoming launch of an interface may be the result of demand from users for a web- based, cross-platform app to monitor trades. In addition, operating several different ECNs based on customer type, FastMatch may be also looking to target individual or small-sized professional proprietary traders, where a web-based interface could become their primary platform for executing trades on.
For Caplin, the partnership expands them from their central line of business; creating web interfaces for single-dealer platforms. Concerning this, in the company’s press release, Richard Leader, Caplin’s Executive Vice President, Americas, stated “The win is significant because it marks Caplin’s entry into a new arena: front-ends for non-bank trading platforms – a compelling segment, given the regulatory push in this direction and the proliferation of firms offering these services, especially in the U.S.”