Providers of cloud-based technology for automated strategy creation, back testing and deployment, Magick has recently renamed its business to Tradeworks. The name change comes as the firm has rolled out several new features and upgrades; specifically the platform’s back testing capabilities.
Speaking to Co-Founder Mikael Breinholst, he explained that the Magick name was great for them, especially in the startup’s early period when it was primarily facing retail traders, introducing them to the product and gaining their feedback. With the firm growing, Brienholst stated, “We wanted to change the perception of the product,” with a goal to appeal more fittingly to B2B and B2C relationships.
With the firm aiming to create an emphasis on forming partnerships with brokers, they have announced their first post-branding deal as SVSFX launches the automating trading product to their customers. A UK-based broker, SVSFX is the forex and CFD trading division of the larger online discount stock broker, SVS Securities. Within the forex industry, SVSFX is notable as being among the first brokers to offer the Tradable platform to their customers in 2013.
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Breinholst explained that part of the appeal in partnering with SVSFX was their launch of Tradable, stating, “They show they have an interest in promoting new technologies.” He added that firms without their own proprietary platforms need to do something else to add value to their clients and distinguish themselves, expressing his respect for the model used by SVSFX.
Under terms of the deal, SVSFX will begin to offer the Tradeworks automated trading service to their premium clients. In addition, the two firms are expected to collaborate on other projects in the future.
Commenting publicly about the integration, Kulvir Virk, CEO, SVS Securities stated, “Consistent with our pledge to deliver innovative tools to our customers, Tradeworks is a groundbreaking solution that challenges the status quo of automated trading in the FX and CFD space.”