NEX Data, a provider of global pricing data and information solutions, and Tradition, an interdealer broker in over-the-counter commodity and financial products, have today announced a distribution partnership.
Under the agreement, NEX Data will become a key distributor for Tradition’s market data and information services division, TraditionDATA. The deal includes real-time and end-of-day prices sourced directly from Tradition’s global electronic, hybrid and voice broking operations in all asset classes including interest rate derivatives, money markets, energy and commodities and fixed income products.
It also covers data from Trad-X, Tradition’s market leading electronic trading platform for OTC derivatives, and Tradition Asia, the interdealer broker’s Japanese and pan-Asian division.
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Kevin Taylor, Managing Director of NEX Data, commented: “In the current era of regulatory change, the need for accurate and reliable trade-backed data continues to grow as it provides greater transparency of financial markets. This is particularly true of OTC derivatives which are traditionally transacted over the phone via voice brokers and feature a number of hard-to-price, less liquid assets than those traded electronically.”
In its capacity as a distributor to Tradition, NEX Data will be able to expand its multi-asset class and Asian market coverage and develop new services in pricing, analytics and indices while helping its clients conduct pre-trade analysis, aid price discovery, inform investment decisions and manage risk.
Dan Marcus, Global Head of Strategy and Business Development at Tradition, added: “Our partnership with NEX Data will be mutually beneficial; it will substantially expand the reach and distribution of our respective complimentary market data and information services and enable our clients to benefit from a wider set of data sources.”