Trading technology platform developer PFSOFT, with offices in four countries across Europe and Asia, has announced today that Sigma Broking Limited – an FCA regulated broker based in London– has agreed to offer its ProTrader platform to its professional clients.
Sigma Broking limited provides CFD and spread betting products through its Sigma-Trading division, including trading across Equities, Indices, FX and Commodities, thus requiring a multi-asset solution via its platform suite offering.
The decision to launch the Protrader platform was to provide professional traders with the additional tools and needs typically demanded by experienced traders such as those that meet the definition of professionals by FCA standards, and while leveraging the ability for the platform developer to make tailored customizations to meet brokers’ needs.
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
Tailored platform based on the broker’s needs and client feedback
For example, tools specifically for portfolio and asset managers were highlighted by Sigma-Trading CEO Simon Tyson, who Finance Magnates reporters spoke to via email around the time of publication and who provided additional comments below.
Finance Magnates reporters also spoke with Roman Nalivayko, Global Head of Business Development of PFSOFT, who explained how Sigma-Trading is already live with the platform, after integrating the execution capabilities via FIX api, and how rather than provide the broker with an out-of-the-box solution, the delivery of the platform was highly customized with the aim to meet the specific and anticipated demands of professional traders, and is based on the brokers’ feedback.
In addition, Mr. Nalivayko emphasized to our reporters how platform customization for multi-asset brokers is more demanding than – for example – a “forex-only broker” which could use an out-of-the-box platform with virtually no custom adaptations needed.
Professional-only client focus based on FCA license and business model
Sigma has been FCA regulated since its founding in 2008, when the UK’s financial regulatory agency was then known as the FSA, and Sigma maintains its regulatory license that permits it to deal exclusively with clients that meet the definition of either professional traders or eligible counterparties as per FCA rulebook guidelines. In addition, the firm holds no client funds – which it lists as one of the selling-points on the company’s website.
In response to questions, Simon Tyson explained to Finance Magnates regarding the news: “Our relationship driven client base have been involved in testing and advising on the system and its development from the start.” Regarding the firm’s mandate he added: “Sigma’s client base is Professional (as defined by the FCA) and ECP across all business lines. Long term relationships are the foundations upon which the business is built. We have taken a very different approach to the traditional retail focused providers.”