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I'm trying to compare trading venues using a quantitative product selection matrix (and eventually software vendors using a different matrix specifically for vendors), and I was wondering if anyone could give me some input on what features are most important when it comes to Foreign Exchange trading venues. I really need to learn how to obtain the concrete numbers on the important features such as latency numbers, fixed / variable costs, or liquidity as the company websites do not provide this information. This information is crucial to my analysis and I'm currently at a loss on how to obtain it.

This post is an example of the sort of information I'm looking for.

"Your aggregator should be coding not just to the FIX feeds but the specialized protocols. FIX just gives the bare minimum. For example, Hotspot's FIX certainly works but is throttled and doesn't have the full market data detail. You need their Itch. For Currenex, you need their Itch and Ouch."

How would I go about finding out that Hotspot's FIX doesn't provide market data detail? Only by using the platform for trading? Certain platforms requiring additional features while others really do not is exactly the kind of information I'm after.

Here is the list of companies I'm trying to obtain information on. I realize I've listed some software vendors, but I'm currently focused on the trading venues.

  • FXall

  • Currenex

  • Integral

  • Market Factory

  • HotSpot FX

  • First Derivatives

  • PLC SmartTrade

  • Technologies

  • FlexTrade

  • Apama

  • Portware

Thank you very much for any advice anyone has to offer. Also, I have only been doing research on FX trading venues / software vendors for a month or two so I apologize in advance if I am focusing on the wrong ideas.

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2 Answers 2

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I'm guessing that your question will be closed soon, but I wish to help you.

Your question doesn't make complete sense. Are you looking for a "trading platform" as in an electronic trading venue, or a software built around handling market data and order execution?

FXAll, Currenex, Hotspot and Integral are trading venues, while Apama, FlexTrade and Portware are software vendors that focus on market data management and order execution.

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  • $\begingroup$ Both actually. I should've been more clear. I intend to do two different matrices (one for trading venues, one for software vendors). At this point in time I'm just trying to find a way to get the information I will need to most accurately compare different features of trading venues or software vendors. I'll edit my original post to make it more clear. Thanks for the help! $\endgroup$
    – Sean
    Mar 3, 2014 at 18:45
  • $\begingroup$ Currently I'm more focused on finding information pertaining to trading venues. I intend to seek out information on software vendors at a later time. $\endgroup$
    – Sean
    Mar 3, 2014 at 19:11
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different features? a euro is a euro no matter where it's traded.

You have to identify what you want to do. Why are you trading? Do you want execution only, or delivery? Are you covering cashflows or taking speculative positions? Are you going to trade manually or with automation? How many provider relationships do you want to refer to? Do you want to trade with banks, or peer to peer? What technology do you want to use?

Then put the various ECN and measure their strengths and weaknesses.

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