Financial charting and tools’ provider, NetDania, has recently been expanding its array of offerings to include core broker products. Earlier this year at the Cyprus IFXEXPO, the firm showcased its new NetStation trading platform. Following that release, NetDania has begun to offer an FX feed of what it calls tradable interbank prices. According to NetDania, pricing is sourced from Tier 1 liquidity providers with whom the firm has direct relationships. While only now officially being launched, Jonas Nielsen, Director of Business Development at NetDania explained to Forex Magnates that the product was previously in production and used by select clients.
In terms of the target audience, Nielsen mentioned, “FX brokers offering margin trading, and corporate FX companies that need a feed for analysis or reference,” with it already being in use by some retail brokers to price their instruments. He added that the feed can be integrated to be used by MT4 brokers who are operating dealing desks, and are not connected to liquidity providers for straight-through processing (STP) of their trades. The feed naturally also connects to the firm’s newly launched NetStation platform. In terms of other users, Nielsen cited that, “Some corporate FX (and physical currency brokers) use NetStation to replace more expensive legacy systems such as Reuters/Bloomberg, in roles where a simpler terminal can be deployed, and where the terminal is mostly used for rate information and technical analysis (and not e.g. Bloomberg content).”
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The interbank feed includes pricing to over 50 currencies as well as gold and silver. Nielsen explained that the feed can also be used to create synthetic cross rates. The feed is available via streaming binary data, JSON or XML.
In terms of competition, the product compares to existing feed products from data providers such as CQG, Reuters and eSignal, as well as pricing offerings from broker technology firms Leverate and XFSol. For NetDania, the current launch is part of the firm’s expansion of its reach within the FX industry. On this note, Nielsen added that NetDania is planning on more FX related launches.