Wells Fargo has completed a sourcing agreement with TransFICC to deploy the London-based fintech company's unified trading technology across its fixed income operations.

The partnership integrates Wells Fargo's trading systems with seven major electronic trading platforms through TransFICC's One API service, including Tradeweb, Bloomberg, Octaura, GLMX, Aladdin, LTX and Investortools. Wells Fargo plans to connect additional venues in the future.

TransFICC's technology consolidates multiple venue APIs into a single normalized format, allowing banks to connect to various trading platforms without managing separate integrations for each. The system handles rates, credit, municipal bonds, mortgages and loan markets for Wells Fargo's fixed income business.

Wells Fargo Partners With TransFICC for Trading Platform Integration

Wells Fargo joins a client roster that includes Citi, NatWest, NAB and Santander across TransFICC's 17 sell-side Sell-Side Those in the financial industry involved with the production, marketing, and the sale of bonds, forex, stocks, and other financial instruments constitute the sell-side.Products and services produced by the sell-side are geared towards those who on the buy-side. You can think of the sell-side and buy-side like a coin, you cannot have one side without the other. The sell-side is comprised of individuals, firms, fintech companies, and market makers, who are responsible for providing liquidity in th Those in the financial industry involved with the production, marketing, and the sale of bonds, forex, stocks, and other financial instruments constitute the sell-side.Products and services produced by the sell-side are geared towards those who on the buy-side. You can think of the sell-side and buy-side like a coin, you cannot have one side without the other. The sell-side is comprised of individuals, firms, fintech companies, and market makers, who are responsible for providing liquidity in th Read this Term and four buy-side institutional clients. The bank has been actively recruiting fixed income electronic trading talent, recently posting positions for lead software engineers specializing in low-latency trading platforms.

“Wells Fargo are a major force in US Fixed Income, and we are happy to enable their automation of Rates, Credit, Muni, Mortgage and Loan markets,” said Steve Toland, co-founder of TransFICC. “TransFICC will further ease Wells Fargo's connectivity to European and Asian trading venues via our global network.”

Related: FXSpotStream Expands Liquidity Pool with Wells Fargo Addition

Technology Addresses Market Fragmentation

The partnership reflects broader industry trends toward automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term in fixed income markets, where trading has historically been less electronic than equities. TransFICC raised $25 million in Series B funding earlier this year, led by Citadel Securities and BlackFin Tech, bringing total funding to over $45 million.

The company operates data centers across North America, Europe and Asia to reduce latency for client applications. TransFICC serves three exchange groups alongside its bank and asset manager clients.

Fixed income electronic trading volumes have grown as institutional investors adopt algorithmic tools and all-to-all trading platforms expand beyond traditional dealer-to-client models. Wells Fargo's Corporate & Investment Banking division offers comprehensive fixed income services across currencies and commodities.

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