News & Events

Inter-dealer broker Tradition has said plans to expand the range of currency pairs it offers to clients after the firm brokered the first Aussie/ US dollar cross-currency swap through LCH.

“The ability to close your position at the end of each day, rather like a futures contract, is something clients like very much,” said Mike Hayter, manager of the cross-currencies broking desk at Tradition. “It gives them peace of mind.”

Tradition has facilitated the first brokered AUD/USD cross-currency swap trade using LCH SwapAgent, a service designed to simplify the processing, margining and settlement of non-cleared derivatives.

The panel: Dan Marcus, chief executive, Trad-X.
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The majority of this is at Tradition, followed by Dealerweb, Icap-IGDL and BGC.

See Tradition’s data contribution in graph 1

An expert at inter-dealer broker Tradition said in August the creation of a backward looking rate could “damage the rates” ecosystem given that lending is done on a forward-looking basis.

“If the underlying liquidity moves from Libor to Sonia in swaps, it follows that liquidity will improve in the Sonia option market,” says Stuart Giles, managing director for business development and strategy at Tradition.

TraditionDATA, the market data and information services division of Tradition, one of the world’s largest interdealer brokers, has strengthened the quality, depth and breadth of its foreign exchange (FX) market data packages.

TraditionDATA, the market data and information services division of Tradition, has partnered with Numerix to expand its FX market data coverage.