Currency hedge fund, FX Concepts, has transitioned it automated currency market data and execution activity through software company, MarketFactory’s FX Aggregator.
MarketFactory’s offering is a single Application Programming Interface (API) that provides access to more than 50 venues and protocols through a single market data and trading API. FX Concepts will enjoy access to top liquidity providing banks and ECNs from across the world as well as low liquidity, more accurate market data and improved execution.
The companies have been working together on the project for around six months, with FX Concepts’ adoption of the new system driven by dissatisfaction from previous service providers. The New York-based management and research provider’s vice president of investment research, Morten Hoyer tells Profit & Loss, “Our goal is to make returns for clients. The fragmentation of liquidity in FX is an inconvenience. We’re interested in making better trading models and we were looking to get something with an easier programming interface which was more stable. MarketFactory has helped us aggregate multiple data streams and take care of the connectivity details, minimising data and latency.”
Kelly Adams, chief technology officer of FX Concepts, adds, “The product fits perfectly into our game plan by connecting proprietary aggregation logic and execution algorithms into a single solution. Furthermore, support and assistance has been second to none – something that is difficult to come by with other vendors.”
Hoyer explains to Profit & Loss, “The transition was seamless with no disruption to FX Concepts clients. We went live two weeks ago and from Sunday 19 January we have exclusively traded through MarketFactory’s FX aggregator.”
James Sinclair, CEO of MarketFactory says, “Exceptional execution, enhanced market data and fast time to market were critical success factors for the client. Our team worked closely with FX Concepts to understand their precise requirements and to deliver a solution which dovetails with their FX strategy and tactical delivery.”
Hoyer says, “We have implemented and evaluated many different market-access solutions over the years, and MarketFactory was clearly the best choice for us. Their API is simple, light-weight and very well documented. They have a deep understanding of how markets operate. Going with MarketFactory has drastically reduced the amount of time that we spend on infrastructure and operational issues, allowing us to focus on our core models and trading logic.”
Source: Profit & Loss