Trading Technologies (TT), a provider of professional trading software, has become the second independent software vendor (ISV) to join FIA Tech’s Databank Network. Last month, CQG, a provider of technology for integrating market data, technical analysis and trade routing, emerged as the first ISV to join the network. FIA Tech is a technology provider to the exchange-traded derivatives industry owned since 2021 by a consortium of 10 clearing firms and the Futures Industry Association. The Databank Network is FIA Tech’s initiative to bring together ISVs, exchanges, clearing houses and other data providers “into an interoperable global network simplifying the use of reference data, analytics and software solutions from participating firms.” The network serves to unify reference data from over 80 global exchanges and central counterparties, leading index providers such as the Financial Times Stock Exchange and Morgan Stanley Capital International, as well as data vendors, such as EDI and Factset. As a member of the Databank Network, FIA Tech explained that Trading Technologies’ symbology will be incorporated into the global product reference data maintained on the network. With the addition, the technology provider explained, TT’ clients “will be fully interoperable with all FIA Tech services as well as other ISV participants in the Databank Network.” “FIA Tech’s Databank provides firms with a cross reference of exchange and vendor product symbologies which can be used by subscribers to simplify integration of systems from best of breed providers, communicate more easily with clients and counterparties, and simplify integration to FIA Tech services,” FIA Tech explained in a statement shared with Finance Magnates. ‘The Operating System of Capital Markets’ Guy Scott, the Executive Vice President and Chief Revenue Officer at Trading Technologies, noted that being a part of the network will provide its clients with broader access to symbologies and simplified integration. The membership will also support Trading Technologies’ vision of being the “operating system of capital markets,” Scott said. On his part, Andrew Castello, the Head of Reference Data at FIA Tech noted that the network was very pleased to welcome Trading Technologies to the network. Castello explained that the Databank Network was ready to offer Trading Technologies’ customers access to the industry services FIA Tech provides “As the network grows, so too will the benefits for the ISV community, further underscoring our mission to bring innovation to the derivatives industry,” Castello added. TT’s Recent Investments Trading Technologies, which is now owned by 7RIDGE, in March announced its acquisition of RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products. “We are moving full speed ahead on our strategic plan, and with this acquisition , have already further expanded the TT trading platform capability within the first three months of 2022,” Keith Todd, the CEO of Trading Technologies, said in a statement. Earlier in January, Trading Technologies invested $6.35 million in KRM22, marking the company’s first investment since its acquisition by 7RIDGE in December 2021. KRM22 is a technology and software investment company that focuses on risk management for capital markets. Meanwhile, Trading Technologies recently appointed Nick Garrow, the former Global Head of IT and Operations at Societe Generale (SG) Prime Services in London, to lead its expansion into new asset classes. Garrow, as the company’s Executive Vice President of Multi-Asset & Buy Side, was tasked with helping Trading Technologies to go beyond offering exchange-traded derivatives to launching a range of new services for its buy-side community.
This article was written by Solomon Oladipupo at www.financemagnates.com.
