US electronic market maker, Virtu Financial Inc., has launched a new data-as-a-service platform that hosts a catalogue of its services and data endpoints enabled by API architecture.
Dubbed ‘Open Technology,’ the product leverages an application programming interface to allow subscribers to access market-data calculations and transaction cost data across equity, FX, fixed income and futures.
The latest addition leverages Virtu’s expertise as a provider of FX liquidity, and multi-asset transaction cost estimates to offer users an unbiased view of fair value at any point in time.
“Our new product, Open Technology, is just one of the many new offerings that have come out of our multi-year infrastructure rebuild. At launch, the initial set of APIs address client demand for direct access to the data underlying their transaction cost analysis and our Open Technology platform makes this accessible, even for non-programmers,” said Kevin O’Connor, head of Virtu’s broker-neutral analytics and workflow technology division.
Virtu enhances FX TCA tool
Open Technology provides access to Virtu’s TCA results for clients to perform in-house analysis directly as well as API access to its full suite of multi-asset market impact models.
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Virtu has recently enhanced the functionality of transaction costs analysis (TCA) tool dedicated to forex markets with the addition of low latency FX TCA benchmarks. The offering helps Virtu’s pre-trade and post-trade TCA clients better monitor their transaction costs when trading foreign exchange markets.
Virtu says the new benchmarks help currency traders perform portfolio construction analysis, as well as for measuring algorithm execution performance and the quality of liquidity sources.
As such, the service enables FX investors to understand the liquidity environment and manage volatility, which can help reduce trading costs and improve foreign exchange strategy.
Using Virtu’s ACE Model, the tool assesses trading performance and calculates implicit costs under a variety of market conditions, providing traders with the ability to assess historical trading data with comparisons of liquidity providers and data visualization technology.
Amongst its many functions, the FX model tracks all changes in trade conditions or execution venues, while also applies custom measures to perform portfolio construction analysis. This includes an automated pre-trade execution strategy selection and performance benchmarking that could be integrated into clients’ internal applications for analysis, such as portfolio trading optimization and portfolio liquidity metrics.
Virtu makes markets more than 25,000 financial instruments, at over 235 venues, in 36 countries worldwide, continuously quoting buy and sell prices for others to trade against, profiting off the bid-offer spread, using high-frequency trading (HFT) strategies.