eFX trading technology solutions provider TradAir has issued a statement, indicating that the TradAir eFX platform performed well over Brexit volatility with overall fill ratios remaining high.
TradAir’s platform is used by regional and local banks and brokers, to provide internal traders with aggregated views of executable liquidity against which they trade and manage their risk.
The full statement issued by TradAir reads as follows:
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TradAir eFX platform performs well over Brexit volatility with overall fill ratios remaining high
London/New York/Singapore/Tel Aviv, 24th June 2016. TradAir’s cloud based eFX platform, proved highly resilient in the face of overnight FX ‘Brexit’ volatility, and although observed spreads were wider, overall fill ratios remained remarkably steady, and in line with longer term averages seen on the platform.
TradAir’s platform is used by regional and local banks and brokers, to provide internal traders with aggregated views of executable liquidity against which they trade and manage their risk.
Many of those firms also use TradAir’s rate engine, which enables them to provide external customers with executable streaming pricing. Either via TradAir’s white Label HTML front-end, or through other client dealing channels, with the rate engine automatically hedging resulting flows.
An important factor in ensuring high fill rates, is the relationship nature of liquidity provision on TradAir’s platform, with LPs understanding the flows that they will receive from TradAir’s clients.
In terms of platform stability, in contrast to the unexpected and unprepared volatility that accompanied last January’s decision by the Swiss National Bank to withdraw support for the 1.20 EURCHF peg, this time everyone had time to prepare and implement plans for the overnight Brexit volatility.
Paul Blank, TradAir
According to Paul Blank, VP Marketing at TradAir;
We put into action pre-prepared plans to ensure platform stability and performance, which were based on various scenarios of increased market volatility, including levels seen around the SNB move.
In addition, extra support and operations staff were on hand to pro-actively monitor every aspect of the platform, including client and liquidity provider connections, to ensure platform performance and stability.
Blank, added that:
Importantly, clients were briefed, to ensure they were familiar with the platform risk settings, and had appropriate risk and volatility settings and last-look levels implemented, to protect themselves, whilst ensuring they can provide executable liquidity to clients.