NEW YORK, April 18, 2011 /PRNewswire/ -- TraderTools Inc. (TraderTools), which provides the only complete, integrated FX trading platform available on the market, announced today that it has partnered with Citi's Prime Finance to offer LightFX, the world's first and only fully-disclosed, relationship-based FX pricing and aggregation service. The prime-based, hosted service is expected to be launched by mid-second quarter 2011.
The new TraderTools service will provide a more cost-effective alternative to traditional ECNs, which execute FX trades anonymously and charge both liquidity providers and takers. With LightFX, liquidity takers will receive relationship pricing at significantly reduced upfront and operational cost, while liquidity providers benefit from being able to provide a fully-transparent service where they can differentiate themselves from their competition. Also, since liquidity providers will not be charged for the service, more are expected to join LightFX, enabling the service to provide more liquidity at more competitive pricing.
"We are very honored to be a partner in LightFX. It is a truly unique offering that works well for all participants," said Andrew Coyne, Managing Director, Head of FX Prime and G10 eCommerce at Citi.
"The market is demanding fully-disclosed, relationship-based pricing – and we're listening," stated Yaacov Heidingsfeld, CEO of TraderTools. "Partnering with Citi brings us a premier prime broker with full STP and messaging functionality, quick time-to-market and vast experience in fast-changing regulatory environments."
About Citi's Prime Finance
Citi's Prime Finance is a comprehensive, integrated business unit comprised of prime brokerage, financing solutions and capital introductions – supported by cutting edge technology and advanced reporting. By combining our multi-broker, multi-strategy capabilities with our global reach, we are ideally positioned to help our clients anticipate and address the complexities of strategic investment. By leveraging and enhancing Citi's corporate strengths in over 100 markets globally, Prime Finance now serves clients in more than 70 countries – delivering 24-hour coverage through experienced industry professionals.
TraderTools Inc. delivers the only complete, integrated, FX trading platform available on the market. Banks and brokerages use the TraderTools platform to increase FX revenues, reduce FX costs, improve FX spreads and access vital information to help run their FX businesses more efficiently and effectively.
FX desks traditionally deploy an assortment of vertical tools, developed internally or externally by different vendors. TraderTools replaces these disparate products with a single innovative platform that addresses the 4 most pressing FX challenges: an FX pricing engine, FX liquidity aggregation, global FX order management and FX white-labelling. It is an end-to-end solution designed to work seamlessly across all components and provide unparalleled visibility into the entire FX workflow. The result is an optimized FX Liquidity Management Platform™ – with advanced capabilities, like algorithmic FX trading and FX auto-hedging – designed to generate profits.
The TraderTools FX trading platform is the product of more than a decade's worth of experience with some of the world's largest financial institutions.
TraderTools, Liquidity Management Platform, LightFX and the tagline "The eFXperts" are trademarks of TraderTools Inc.
Mark Mayerfeld, EVP, International Sales
Ian Tick, Director, Marketing
SOURCE TraderTools Inc.