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pairs, with certain counterparties and at certain times of the day,” says Yaacov Heidingsfled, TraderTools chief executive. “Increasingly we are finding it is all about transparency. Liquidity providers want to know who they are providing prices to. Tey want to know the predictability and reliability of their flow and how aggressive that flow is. We have always had this data but with the improvements in technology we are now able to do more analysis in a much quicker timeframe. Trough our partnership with Sybase and its Aleri division we are able to employ CEP technology and then feed this into our SOR technology.”


Te service is really aimed at the mid-tier and below, where banks are redistributing prices and for those banks that are outside of the top 15 banks that make


up the FX interbank market, says Heidingsfeld. “Tese banks are more regionally focused and will be strong on particular currency pairs and not so strong on others, which is why it is important that there is more transparency around the liquidity. Tere are also more sophisticated liquidity takers in the corporate space that are trading FX for alpha or hedging purposes that require more transparency around liquidity and execution. And by giving the liquidity-providing banks comprehensive data on how their liquidity is being redistributed and executed against, the top-tier banks are able to provide better prices.”


Differentiation from ECN services


Te reason for the LightFX offering is to differentiate from the ECN-based services which provide october 2011 e-FOREX | 31


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