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Tradefora PLC — innovative best execution software development provider and Advanced Markets Group, a leading Prime of Prime Liquidity Provider, which is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) is pleased to announce its new partnership. Founded in 2016 Tradefora PLC is a fast growing FinTech company specializing on best execution, TCA and regulatory reporting services for brokers, traders and regulators.

Advanced Markets Group consists of Advanced Markets LLC, Advanced Markets Ltd and Advanced Markets (UK) Ltd, and provides trade execution and superior solutions to banks, hedge funds, commodity trading advisors, corporations and other institutional market participants.

MiFID II requirements for mandatory publishing of best execution report (RTS 27) and top 5 execution venue reports (RTS 28) have been propelled to the forefront of compliance worries for many brokers operating in the EU during the last year. However, to this day seemingly straightforward reports turned out to be quite a technological challenge for many market participants. Mostly due to the fact that some of the reporting tables require brokers to store all of their tick data and use a 3rd party pricing benchmark feed to reference the quality of execution.

This reporting becomes especially complex when a broker is using multiple LPs with thousands of trading instruments, 10+ levels of market depth and high institutional level refresh rates. The data costs alone can be daunting, not to mention setting up the required reporting infrastructure if done in-house.

Pavel Khizhnyak, Co-Founder and CEO of Tradefora, commented:

“Such implementation hurdles have served as a fertile ground for BestEx companies like Tradefora. Unlike some other vendors, who typically offer one institutional price feed as a benchmark of execution (e.g. Thomson Reuters or Bloomberg), Tradefora chose to go a different path and to compile its own institutional benchmark price feed. The idea is simple. As the vast majority of our clients are FX and CFD brokers servicing retail traders, when conducing best execution evaluation we want to be comparing apples to apples and oranges to oranges. Therefore, the actual execution is compared with the price feeds of those major LPs, which FX and CFD OTC brokers are most likely to use in their own liquidity pool.”

Pavel also added: “We are delighted to partner with Advanced Markets as one of the leading liquidity providers in the FX OTC space and a company that shares our drive for more market transparency. This partnership will enable us to further enhance our benchmark pricing tools across all the supported instruments with institutional level refresh rate frequency and full market depth analytics.

This marks an additional major development phase for us as we continue to aggregate top LPs to comprise a comprehensive institutional liquidity pricing index. Having a more robust reference price index will provide us with an ability to check not only the Top of the Book prices, but also to verify the VWAP execution quality across the entire market depth with millisecond precision”. Such flexibility becomes especially critical when performing trade validation for brokers with clients trading large ticket orders, as this would be crossing top of the book pricing.

“Advanced Markets is pleased to cooperate with Tradefora in this great mission of delivering crucial information on a broker’s quality of execution, and execution venues, benefiting both traders and regulators alike. Via this partnership, FX institutions can take advantage of Advanced Markets interbank liquidity feed, and Tradefora’s innovative RTS 27 reporting facility, along with other feed monitoring and benchmarking tools”, said Natalia Hunik, Global Head of Sales at Advanced Markets Group.

About Advanced Markets Group

Advanced Markets is a wholesale provider of liquidity, technology as well as credit solutions to institutional clients globally. This includes clients such as brokers, fund managers, hedge funds and CTAs (commodity trading advisors). The firm’s products support direct market access (DMA) trading in spot FX, energies, precious metals as well as CFDs (contracts for difference). All in global indices and also in commodities.

Through our extensive client base, we estimate that Advanced Markets liquidity ultimately serves more than 40,000 institutional and individual clients in more than 30 countries globally. Very Noteworthy: The company is privately held. Outside investors include Macquarie Americas Corp Inc., a wholly owned subsidiary of Macquarie Bank and BGC Partners.

For more information about Advanced Markets Group, please visit the company’s website: Advanced Markets Group

London, November 19, 2019 Tradefora PLC, an innovative software company, focusing on solutions for Best Execution, is pleased to announce the launch of upgraded RTS 27 Best Execution Automated Reporting portal 2.0 along with standalone dedicated website www.RTS27report.com This comes as great news for many of Tradefora’s broker-clients.

Tradefora’s RTS 27 solution comes fully loaded with built-in features, providing much more than just basic regulatory reporting:

1. Fully automated RTS27 report generation
2. Daily data updates letting providing insights into the day to day execution quality
3. Connectivity to Top 3 bridge providers and API connectivity for proprietary bridges
4. Support of MT4, MT5, CTrader and proprietary platform integration toolkit
5. 1 year FREE tick data storage plan with DataGuard lookup interface for up to 100 instruments

In addition, Tradefora’s RTS27 Portal offers a number of value added features, which its users will surely come to enjoy:

1. Advanced business intelligence dashboard based on all the key reporting metrics
2. Unlimited market data storage plan with a convenient DataGuard query interface
3. Tradefora’s proprietary composite index (TCI) as reference price, comprised from peer group price feeds for Best Execution verification
4. RTS 28 Top 5 execution venues annual report preparation
5. Ability to publish reports directly on the http://rts27report.com

“Our Team is very thrilled to see the fruition of intensive R&D work and integrations with bridge providers, broker feeds and Prime of Primes. According to some recently published studies, only 50% of firms obliged to report on RTS 27/28 are actually doing it. And among those who do report, large portion has many serious reporting inconsistencies. Given that both RTS 27 and RTS 28 must be made public, we believe more robust reporting will definitely help all market participants to be more aligned with the Best Execution requirements under the MiFID II directive”, said Pavel Khizhnyak, Co-Founder/CEO of Tradefora PLC.

Pavel further commented “There are 2 main challenges with the RTS 27 report, which push more and broker compliance officers and COOs towards outsourcing this function to professional BestEx companies like Tradefora as opposed to doing it in house, especially after going through their first regulatory checkup. In order to be done properly, RTS 27 requires the reporting venue to store the tick data for at least top 3 market depth price increments across all instruments. This means considerable infrastructure investment with constant optimization in order to keep the storage costs in check. On top of that, some RTS 27 tables (e.g. Table 3) contain fields, which require reference price data, which in itself is a huge point of contention. So far from what we have observed on the market, many firms opt-in to use Bloomberg or Reuters as the reference price point for RTS27. However, we believe that the true reference price should be that of the peer2peer compression and this is exactly the aggregation engine that we have built. Over the last 4 years we developed DataGuard as a highly optimized big data tool to store up to 25 levels of market depth indexable live market data for unlimited number of instruments and Tradefora Composite Index (TCI) as broker peer reference feed, which address both of the 2 key questions and serves as the foundation of what RTS 27 Reporting portal is today. We believe that this is the best approach to measuring Best Execution and is fully aligned with the direction the regulators are going.”

With streamlined onboarding process and a highly experienced team of compliance and reporting automation experts, Tradefora’s RTS27 solution joins the industry ranks as a leading RegTech provider. Albeit being relatively new to the RegTech space, thanks to its innovative and data driven approach, Tradefora has been already voted as Top 3 Best RegTech Reporting Solution and Top 3 Best Automated Performance Tool at Finance Magnates Summit London 2019.

What is RTS27 Best Execution Reporting?

RTS 27 is an obligator quarterly reporting for some of the financial market participants (market makers and systematic internalizers) operating in the EU market under the MiFID II requirements, which became obligatory starting January 1st 2018. The EU’s MiFID II regulations place significant importance on transparency by disclosing pre-trade and post-trade execution quality. Regulatory Technical Standards (aka RTS) articles 27 and 28 deal with best execution requirements.

This reporting must demonstrate that a broker, bank or financial institution that provides trading services is doing so using best bid and best offer approach. According to the best execution requirements, all of the broker clients’ trades must be executed at best available pricing within the broker’s own price feed and within the acceptable market range of the market benchmark pricing.

RTS27 Report includes 9 tables, with each table showcasing various aspects of the trade execution process. However, unless the reporting venue is using RFQ execution type, only 8 tables are reported. According to the regulatory requirements, best execution verification must be done 4 times during the trading day (9:30, 11:30, 13:30 and 15:30) with 2 minute snapshots each time. During these intervals broker must demonstrate that it is quoting and executing its clients within the best prices available on up to 3 price increments of the market depth.

RTS27 Report must be compiled and published by the broker on its website or any publicly accessible repository.

What is RTS28 Report?

RTS28 Report is the annual report for financial firms and investment managers, which focuses on the liquidity quality and must disclose top 5 execution venues. It requires investment firms to demonstrate the quality of execution obtained on their Top 5 trading venues.

Going forward for EU market participants it will become increasingly important to demonstrate its aptitude toward providing best execution for their clients under the fast changing regulations. However, more important will be the ability of such firms to mine vast amounts of data in order to improve their execution quality based on these reports. Tradefora, therefore, provides a complete solution enabling its broker clients to operate at the peak of their capacity and stay one step ahead on the regulatory curve.

Tradefora Solutions

RTS 27/28 — Best Execution Reporting Automation with a dedicated portal www.rts27report.com

DataGuard — highly optimized secure solution for tick by tick market data collection, analysis and visualization with up to 25 market depth levels.

TradeGuard — reference price aggregation engine, which works for both historic and live trade BestEx verification for both traders and brokers alike. The retail trader version is the industry’s 1st fully automated TCA and trade execution quality measurement engine, which is offered to all retail traders at no cost and without limits. It is based on aggregating 100+ retail brokers pricing across the most popular instruments (FX, metals, energy and crypto) with powerful visual tools, millisecond precision and trader-specific analytics. TradeGuard for brokers comes with iframe and json API integration options

FeedGuard — real-time price feed monitoring, alerts and analytics system for latency, stale pricing and outlier detection.

For RTS 27/28 reporting solutions, please visit — http://RTS27report.com

Finance Magnates London Summit 2019 action packed and very exciting week successfully came to a close.

We are very happy with the feedback and the reception we got from Tradefora’s many existing and new clients and partners who stopped by our booth. Very grateful to all our friends, clients and partners who voted for Tradefora in the annual awards and helped us get to the Top 3 list in 2 categories!

1) Best Performance Automation Tool 

2) Best RegTech Reporting Solution

We had lots of great discussions on the concept of BestExecution and practical challenges in RegulatoryReporting with many industry colleagues. Special thanks goes out to Natallia Hunik who organized an insightful workshop on RTS27/28 and generated lively discussion.

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We are excited to see Tradefora’s approach be validated by a growing number of clients. Stay tuned for more great news!

Tradefora Team had a very successful debut of 4 new products lineup on Best Execution for Brokers.

DataGuard — highly optimized secure solution for tick by tick market data collection, analysis and visualization with up to 25 market depth levels.

TradeGuard — reference price aggregation engine, which works for both historic and live trade BestEx verification for both traders and brokers alike. The retail trader version is the industry’s 1st fully automated TCA and trade execution quality measurement engine, which is offered to all retail traders at no cost and without limits. It is based on aggregating 100+ retail brokers pricing across the most popular instruments (FX, metals, energy and crypto) with powerful visual tools, millisecond precision and trader-specific analytics. TradeGuard for brokers comes with iframe and json API integration options

FeedGuard — real-time price feed monitoring, alerts and analytics system for latency, stale pricing and outlier detection.

We met with many of our existing clients and received very encouraging reception from the new ones. Exciting new alliances were formed to help make the industry more transparent. 

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Pavel Khizhnyak, CEO of Tradefora also had a chance to ask some questions and share some thoughts regarding best execution compliance and technology requirements directly with Demetra Kalagerou, the Chairwoman of CySEC. 

Tradefora’s average market price widget is gaining popularity among industry media and regulators. Recently one more prominent Chinese media portal and B2B event organizer Figure Finance has added Tradefora’s widget to it’s website — https://www.fifin.com/api/tradefora

Fig. 1 — Figure Finance market benchmark widget powered by Tradefora.

This is the 1st in a series of Tradefora’s widgets designed for media portals and regulators, which displays Tradefora Composite Index (TCI) based on the price feeds from over 100 retail FX brokers. It supports 140+ trading instruments, including most popular FX pairs, precious metals, energy and crypto instruments. This widget makes it very easy for traders, brokers and regulators to verify where was the average market price at any given time by Bid and Ask pricing and different time frames.

“We are very happy to see the spreading adoption of Tradefora’s technology and price quality benchmarking in the industry. This is an important step towards greater transparency in the OTC space, which is what we are striving for”, mentioned Tradefora’s co-Founder and CEO Pavel Khizhnyak. “We are grateful to Figure Finance for the support”, — he added.

In December 2018, Tradefora’s widget was integrated by another popular media portal in China YOCA Net — http://www.yocajr.com/tradefora and earlier in 2018 by prominent non-government regulator Financial Commission — https://financialcommission.org/tradefora, which is used as one of the key tools in the dispute resolution process.

Dear Friends,

We are very excited to announce the launch of Tradefora’s TradeGuard real-time transaction analytics tool on Serenity Escrow live trading platform. Serenity is the first blockchain escrow trading platform that protects traders’ interests through smart contracts. Through Tradefora’s API Serenity platform automatically verifies that the trade was executed at a fair market price and settles the funds between brokers and traders via smart contracts.

TradeGuard compares execution prices of your broker with market average benchmark represented by Tradefora Composite Index, which is comprised of 80+ brokers. Serenity clients can check and verify opening and closing prices provided by their brokers on every trade directly inside their Member Area and get an instant trade quality score by comparing it to the market average.

To allow for more enhanced user experience, TradeGuard API provides charting visualization that is now also visible directly inside Serenity’s Personal Area. There market comparison tables display the minimum, maximum and average pricing of the market alongside your broker’s own pricing. All the prices are shown before and after the trade was executed to allow for pre-trade and post-trade analytics with millisecond precision. Such visualization makes it very easy for the trader to see how close or how far from the market average the execution took place.

Traders who use the built-in TradeGuard transaction analysis system are always aware whether the prices offered by their broker are relevant and within an acceptable market-range.

TradeGuard is based on the Tradefora’s patent-pending technology. It’s capable of processing enormous amounts of data across 140+ trading instruments received from 80+ brokers in real time with millisecond accuracy.

In order to check the trade execution quality, traders can simply login to their trading account, find the transaction of interest and click on Tradefora logo. The system will then connect to Tradefora’s database via API and provide a trader with full detailed view.

Vasily Alexeev, Serenity CTO:

“Tradefora is a unique system, which fully matches Serenity’s philosophy: protect traders on over-the-counter markets using bleeding edge technology. This partnership is the next logical step for us on our mission to provide an all-embracing solution for safe trading. The system of trade analysis will take brokers to a whole new level of integrity with clients. It will become easier for them to make trading decisions and always be aware of how favorable the prices offered by their broker are”.

Pavel Khizhnyak, Tradefora Co-founder/CEO:

“We are extremely delighted to see Serenity complete live integration of their Trading Platform with Tradefora’s Automated TradeGuard API. This is OTC’s industry’s first successful case of fully automated real-time trade verification and marks a very important milestone on the road to greater transparency in OTC markets. This integration provides Serenity’s clients with a peace of mind, knowing that their trades are being constantly monitored and protected by Tradefora’s TradeGuard and Serenity’s smart contract technology. We believe that it will open the doors to more brokers to use our API to showcase their execution quality to their clients. We are constantly pushing the envelope for more innovation and happy to work together with Serenity’s team to pursue higher execution and transparency standards in the FX, CFD and crypto markets”.