US-based software developer Forexware, which provides Business-to-Business (B2B) trading applications and enterprise solutions for the Foreign Exchange industry, has announced a partnership with Tradenext Limited, an Indian-owned, London-based forex broker, to provide Liquidity solutions and technology for Tradenext’s retail FX platforms, according to a company press release earlier today.
With 5 data centers across the globe and 5 offices, Forexware provides its services to over 40 institutional firms serving over 200,000 end-users and via 5 global offices with the capabilties of processing hundreds of thousands of transactions per second, according to information on its corporate website.
Commenting in the corporate announcement, Shawn Dilkes, Managing Director of Forexware highlighted optimism about the new relationship, "This partnership will allow Forexware to have a greater global presence in the trading technology industry." Mr. Dilkes added, "Tradenext is a thriving company, and we're excited to be a part of its continued growth."
Forex Magnates' Scoop
Rushi Parikh, a dealer at Tradenext Limited, said to Forex Magnates regarding the press release,"As a multi-asset, multi-platform provider we are able to benefit from Forexware's open API pricing engine which connects to all our trading portals.”
Jason Gibson, Global Head of Trading, Tradenext Limited
Tradenext Limited's, Global Head of Trading, Jason Gibson added in the official announcement, "We reviewed several technology companies, and chose Forexware because of their approach to client service." Mr. Gibson concluded, "Forexware understood our needs, and offered solutions that would help us take our business to the next level."
In a further comment to Forex Magnates from Tradenext's trading team, Mr. Gibson detailed the expected advantages of the partnership,"Forexware's liquidity management tools allow us to manage risk in a sophisticated market where algos and computer driven trading strategies can put a strain on the dealing function."
This ability to process smart order flow more efficiently is of increasing importance as traders' decision making processes converge towards the use of automated trading robots and other dynamics that change over time to capture fleeting trading opportunities.
A company spokesperson at Tradenext explained to Forex Magnates that since inception, in the latter stages of October, it had nearly $4 billion worth of trading volumes processed through the new Forexware aggregation solution, after having just gone live with the connection.
Forexware Software
Source: Forexware
According to the official press release, the agreement will enable Forexware and its affiliate Forexware Markets to provide Tradenext with a full dealing desk solution that includes a Tier-1 liquidity stream, price aggregator, price engine, risk monitor, dealing monitor and MT4 Bridge, as well as back office and reporting tools. The Forexware Suite will also allow Tradenext to provide full API connectivity to their clients and use of the XW Trader front end, white label platform, as per the press release.
What's next for Tradenext
Forex Magnates has recently covered the previous launch from Tradenext, as the Indian-owned company expanded its technology driven brokerage capabilities to enhance its clients experience and demonstrating its goal to stay ahead of the curve.
Today’s announcement aims to complement this further, and according to persons close to the company, Tradenext is preparing to deploy TradeCrowd's social Trading Platform and is scheduled to announce it at the Forex Magnates UK Summit next week in London, as Foreign Exchange professionals from across the globe gather to network and discuss common challenges and opportunities both collectively and individually.
