The copy trading software provider, Tradency, has informed Forex Magnates today that it has founded a new collaboration with Forexware, an American FX software development company specializing in business to business trading applications and enterprise level solutions.
The joint solution will provide broker-clients with a combination of Tradency's Mirror Trader platform for traders on the front-end and Forexware's back-end technology on the broker side. The NFA regulated swap dealer, FXDD, will become the first broker to implement the new joint solution, planning to start using the service from February 2014.
Examining the firm's recent moves, it seems evident that Tradency has pursued a strategy of forming direct relationships with FX back office providers, ever since MetaQuotes sought to ban copy trading integration with MT4 by third party providers last year. The company continues to broaden its back-end solutions by teaming up with Forexware, whose technology is now integrated with Tradency’s Mirror Trader platform.
Oz Golan, Tradency's VP of Sales, explained the importance of the new alliance to the firm in the announcement: "Tradency is looking to extend its network of back-end solution in order to meet market demand for Mirror Trading services. We are very pleased to partner with an advanced technology provider such as ForexWare. We are looking forward to offer our joint, full package solution to existing and new brokers alike."
According to the company, Forexware's global client base includes retail FX brokers, banks and professional money managers. The firm offers an integrated suite of back-end data management, front-end trading platforms and a dealing desk module. Systems integration services are also part of their offering, including MT4 Bridge technology. Additionally, Forexware Markets, an Australian registered Liquidity provider, streams prices from over 15 tier-1 financial institutions to clients. The company boasts over 200,000 trade tickets executed daily and a $2.7 billion Average Daily Volume.
Fred Scala, VP of Global Sales at Forexware, also commented on the partnership in the announcement: “We are very excited to partner with Tradency. They are a true market leader in the area of Social Trading. Adding Mirror Trader to our Total Broker Solution will allow us to reach a new group of sophisticated clients looking for a top tier social trading solution."
