LONDON & NEW YORK - FactSet, a provider of financial data and analytics, has announced a partnership with LoopFX to incorporate the latter's 'Peer-To-Bank' matching engine technology into FactSet's Portware Foreign Exchange (FX) execution management system. This integration, scheduled for early 2024, aims to streamline FX trading for FactSet’s clients by directly embedding LoopFX’s technology into their existing trading workflows.
LoopFX specializes in facilitating large FX trades, typically over $10 million, by creating a dark pool that pairs asset managers with banks at an independent market mid-rate, thereby reducing trading costs and minimizing information leakage. The integration with FactSet's Portware Platform, a widely-used multi-asset Execution Management System (EMS), is intended to optimize execution processes for the company's clientele, which includes some of the world's leading asset managers.
Chris Matsko, Head of Foreign Exchange Trading Services at FactSet, expressed the company's commitment to enhancing its offerings by partnering with innovative solutions like LoopFX. He stated that this collaboration underscores FactSet's dedication to delivering optimal outcomes for their clients.
Blair Hawthorne, Founder and CEO of LoopFX, also commented on the partnership, highlighting the benefits of providing LoopFX functionality directly within the preferred workflows of Portware's extensive user base.
FactSet (NYSE:FDS | NASDAQ:FDS) is known for its comprehensive digital platform and enterprise solutions that serve nearly 8,000 global clients, including almost 190,000 individual users. The company has been recognized as one of the Best Places to Work in 2023.
LoopFX operates as a venue for large spot FX trades, centralizing Peer-To-Peer matching with bank interest in a model termed Peer-To-Bank. The company is supported by seasoned trading and FX executives and entrepreneurs and is a registered trademark of Buyside Trading Solutions Limited, a UK registered company.
This announcement is based on a press release statement and reflects the planned collaboration between FactSet and LoopFX to enhance FX trading capabilities for clients through technological integration.
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