Edgewater Markets

What Edgewater Markets does

Edgewater Markets is a privately-held electronic FX trading technology and non-bank liquidity provider founded in 2009 and headquartered in Old Greenwich, Connecticut (USA), with a UK entity in London. The company operates the EdgeFX trading platform, built on a proprietary low-latency architecture deployed across co-located data centers (NY4, LD4, SG1, TY3, KIO5) and supplemented by AWS cloud infrastructure. EdgeFX supports FX, deliverable forwards (DFX), non-deliverable forwards (NDFs) and precious-metals (gold, silver, platinum, palladium) trading, with advanced execution algorithms, maker/taker functionality, straight-through processing, anonymous RFQ with credit intermediation, and dedicated NDF matching engines spanning Asian, European and Latin-American currencies. EdgeFX Custom extends the core platform as a fully white-label, branded offering that local banks and financial institutions deploy under their own identity.

The business serves 350+ institutional clients globally - primarily emerging-market banks, hedge funds and CTAs, asset managers and pension funds, and corporates - across more than 30 countries in North America, South America, Europe, the Middle East, Africa and Asia. Go-to-market combines direct enterprise sales (with regional offices in New York, London, São Paulo, Santiago, Mexico City, Singapore, Hong Kong and India), white-label OEM partnerships with local banks, and API-first connectivity to major FX venues (EBS, Hotspot, FXSpotstream, Integral, BidFX). Revenue derives from three streams: technology licensing (with fees waived for clients meeting minimum-volume thresholds), transaction/execution fees on trades routed through the platform, and spreads earned as a non-bank liquidity provider.

The company scaled from 6-7 employees at founding to over 100 full-time staff, processed roughly $20 billion in average daily trading volume on EdgeFX, and reported 50-100% year-on-year revenue growth for four consecutive years through 2023, with three-year volume growth of 380%. Capital structure includes a $30 million growth-equity investment from FTV Capital in 2016; leadership is co-founder-led (Skovran Schreder as CEO, Alessandro Scarsini as President) supplemented by senior industry veterans including CTO Paul Allmark (ex-NEX/CME, EBS, Thomson Reuters). Regulated via FCA authorization (UK), LBMA Full Membership and FX Global Code signatory status.

Name

Edgewater Markets

Legal name

Edgewater Markets LLC

Website

https://edgewatermarkets.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

Edgewater Markets is a New York-headquartered electronic FX trading technology and non-bank liquidity provider serving 350+ institutional clients globally, with proprietary EdgeFX and white-label EdgeFX Custom platforms spanning FX, NDFs, and precious metals trading across emerging and developed markets.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Technology Licensing: Software licensing fees for EdgeFX platform. License fees waived for clients meeting minimum trading volume thresholds.
2. Transaction/Execution Fees: Fees earned on FX trades executed through the platform, including spot, forwards, swaps, NDFs, and precious metals.
3. Liquidity Provision: Revenue from providing liquidity as a non-bank FX liquidity provider, earning spreads on currency and precious metals trades.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Edgewater Markets operates an electronic foreign exchange (FX) trading platform called EdgeFX that aggregates multi-bank liquidity and delivers it to institutional clients via a customizable, white-label trading technology stack. The firm also provides execution and credit intermediation services across G10 and emerging market currencies, non-deliverable forwards (NDFs), and precious metals, supported by local sales/trading desks in the Americas, Europe, and Asia.

Product overview

Edgewater Markets operates a platform-plus-modules architecture offering electronic FX trading technology. The core product is EdgeFX, a customizable trading platform providing advanced execution algorithms, maker/taker capabilities, straight-through processing, and API integration for FX, DFX, NDF and precious metals trading. EdgeFX Custom extends the platform as a white-label solution allowing clients to personalize branding and workflows. Additional services include NDF trading with IMM tenor support, precious metals trading (gold, silver, platinum, palladium), RFQ execution with credit intermediation, and strategic connectivity initiatives with regional exchanges like A3 Mercados. The company serves 350+ institutional clients globally through offices across North America, South America, Europe, Asia, and India.

Differentiator

Problem solved

Functional benefit

Brands

• EdgeFX: Customizable electronic FX trading platform with superior liquidity, supporting FX, DFX, NDF and precious metals trading.
• EdgeFX Custom

Products and services

• EdgeFX
• EdgeFX Custom
• NDF Trading
• Precious Metals Trading
• RFQ Execution
• Credit Intermediation

Quantifiable outcome

• 380% three-year increase in trading volume traded on Edgewater technology
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• A3 Mercados S.A.coreStrategic or Co-development Partner · 3 June 2025Strategic FX connectivity initiative connecting A3's Primary Trading Platform to Edgewater's global infrastructure, expanding international access to Argentine NDF tenors and enabling domestic banks to access local futures liquidity.
• Gold-icoreTechnology or Integration · 27 February 2025Integration with Gold-i's MatrixNET liquidity management and distribution platform, enabling Gold-i's clients to access Edgewater's precious metals, FX, and NDF liquidity through Edgewater's low-latency trading stack and white label solution.
• Elysium LD Technology, Inc. (Laser Digital)supportingImplementation/ SI/ Consulting Partner · 7 March 2024Strategic partnership integrating Elysium's RiskDB and Mission Control solution into Edgewater's middle and back-office infrastructure to enhance operational efficiency for FCA-licensed business expansion.

Scale indicators8 records

Recent moves14 records

Expansion highlights6 records

Direct peers

• EBS (CME Group): EBS is one of the largest institutional FX trading venues, now owned by CME Group. Edgewater's EdgeFX platform directly competes with EBS for FX/NDF matching and connectivity, and Edgewater is connected to EBS via API as one of its distribution routes.
• Integral Development Corp: Integral offers the Integral OCX electronic FX trading platform and white-label solutions for banks. Edgewater's Head of LatAm (Robert Sanchez) previously led eFX at Integral, and the two compete head-to-head for emerging-market bank trading technology mandates.
• Currenex (State Street): Currenex is an institutional FX ECN now owned by State Street, offering multi-bank FX matching and prime brokerage. Edgewater's senior team includes ex-Currenex COO (Andreyko) and ex-Currenex FX head (Johnson), and both compete for institutional FX execution mandates.
• 360T (Deutsche Börse): 360T is Deutsche Börse's institutional FX trading platform and white-label FX technology business. It directly competes with EdgeFX/EdgeFX Custom in providing FX trading technology to banks and corporates, especially in emerging markets.
• Hotspot / CBOe FX: Hotspot was an institutional FX ECN now part of CBOe Global Markets. It offers spot FX matching with similar connectivity profile to EdgeFX, and is integrated via Edgewater's API connections alongside EBS and others.
• FlexTrade: FlexTrade provides multi-asset execution management and FX trading technology used by institutional clients. Edgewater competes with FlexTrade's FX offering for bank and buy-side execution mandates.
• TradAir: TradAir is a fintech providing institutional FX trading technology and front-end solutions, including white-label offerings. Edgewater's CPO Brian Andreyko was previously Chief Business Officer at TradAir, and the two compete for emerging-market and institutional FX mandates.
• LMAX Exchange: LMAX operates a central limit order book FX exchange and white-label exchange technology. LMAX competes with EdgeFX in providing institutional FX execution and white-label trading platforms to banks and brokers globally.

Broad incumbents

• FXall (LSEG / Refinitiv): FXall is LSEG's institutional FX trading venue for buy-side and sell-side clients, part of the broader Refinitiv Workspace / Data & Analytics franchise. It is a broad incumbent in institutional FX trading that overlaps with EdgeFX's distribution, particularly through API connectivity.

Emerging players

• Gold-i: Gold-i provides liquidity management and distribution technology (MatrixNET) for FX, CFD, and now precious metals brokers. Edgewater recently integrated with Gold-i (Feb 2025), and Gold-i's broker-client base overlaps with Edgewater's emerging-market distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/EdgewaterFX
• LinkedInlinkedin.com/company/edgewater-markets

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Edgewater Markets