10 Mar

TransFICC: a New FinTech Company Providing Trading Solutions for the Electronic Fixed Income and Derivatives Markets

London – March 10, 2016. Steve Toland, Founder, today announced the launch of TransFICC, the London-based FinTech that provides technology to address the issues of fragmentation, market data throughput and MiFID regulation, for clients trading in the Fixed Income and Derivative markets.

In January 2018 MiFID II/R will require changes to the trading, clearing and reporting of bonds, commodities and derivatives. Banks and the buy-side will need to update their technology and workflows to meet transparency and best execution requirements, whilst trading venues will need to meet requirements for transparency, market surveillance, system resilience and tick size regimes.

In 2015 GreySpark Partners stated that "the launch rate of new venues with global ambitions is accelerating from one or two per year between 2010 and 2011, to an average of three per year in 2012-2013, seven new platforms went live in 2014, and no less than a further eight are already announced for 2015". In that context, GreySpark also found that "for 73% of buy-side traders, “sourcing liquidity” is the biggest challenge they are facing today”.

TransFICC is a new technology company with expertise in building the fast, flexible and scalable technology required to meet these market changes head on.

TransFICC's technologywill use open source componentsfocused on high performance messaging. This technology enables coordinated timing between fragmented venues, scalability of market data, and the robust controls and reporting required under MiFID II/R. The TransFICC development team has significant technical expertise, having previously worked for LMAX Exchange, recognised for its technological excellence and innovation

MiFID II regulation will require the Fixed Income and Derivative markets to have a greater degree of risk control, which needs to operate across all instruments. This requires technology that can provide high performance, flexibility and scale, said Steve Toland, Founder of TransFICC. We formed TransFICC in response to banks and the buy-side asking for solutions to these issues and a more flexible business model.”

The management team at TransFICC is:

Steve Toland, Founder.
Steve has over 25 years experience working in the global capital markets. In a previous role he was Head of LMAX Interbank, where he met his technology partners. He has also led global sales for MarketFactory, and held the positions of Head of FX Sales for EMEA and America at ICAP, and Head of Sales for Americas at Thomson Reuters.

Judd Gaddie, Co-Founder.
Judd was previously Performance Team Lead at LMAX Exchange, where he managed the team responsible for increased throughput performance while reducing latency of the trading venue. He is experienced in integrating Automated Performance Testing into the Continuous Delivery pipeline; Java performance and Linux system performance tuning. Before LMAX Judd built and integrated Linux based VoIP telephony solutions.

Tom McKee, Co-Founder.
Tom was previously a software developer at LMAX Exchange, where he worked on system tuning, real-time risk analysis, and improving system throughput. Prior to this he worked at Standard Bank on their algorithmic FX pricing system, Murex and Fidessa support and integration, and portfolio analysis on the base metals trading desk. He has experience with advanced automated testing pipelines and is an advocate of extreme programming.

Dave Hounslow, Consultant Developer.
Dave is an expert in Agile systems and Continuous Delivery. He was previously a Senior Developer and Team Lead at LMAX Exchange and was also Lead Software Architect at Navetas Energy.