What OTCX does

OTCX Trading Limited is a UK-headquartered fintech that operates a regulated Multilateral Trading Facility (MTF) for OTC derivatives trading. Founded in 2013 and headquartered in London, the company received FCA investment firm authorization with MTF permissions in July 2023 and has subsequently secured regulatory recognition or exemptions from ASIC (Australia), FINMA (Switzerland), MAS (Singapore), CFTC (US), OSC (Ontario), AMF (Quebec), and the Nova Scotia Securities Commission. The platform runs an RFQ protocol to connect institutional buy-side firms (asset managers, hedge funds, private banks) with sell-side dealers and issuers for price discovery and execution of interest rate derivatives (IRS, swaptions, cross-currency swaps, total return swaps) and structured products across equity, fixed income, commodity, and currency underlyings.

The platform is delivered through two core solutions—Interest Rate Derivatives and Structured Products—built on a modular workflow that spans pre-trade (request for levels, historic hit ratios, pre-trade credit checks), execution (RFQ, request for market, list trades, compressions, fat finger controls), and post-trade (STP to Markitwire and clearing houses, best-execution reporting, transaction cost analysis). Technical components include bank-approved GUI screens and APIs integrated with leading OMS/EMS providers—Murex, Charles River Development, and BlackRock's Aladdin—as well as the Lexifi structured product platform. In February 2026, OTCX added CONNEXOR (operated by SIX) to automate post-trade data capture and lifecycle management, and AI is applied to reconcile deal terms and generate legal documents within the structured products workflow.

OTCX operates as a B2B platform with a transaction-based revenue model. The company removed subscription fees from its UK MTF rate card in December 2025, signaling a deliberate shift toward per-trade pricing intended to expand trading volume. The go-to-market combines enterprise direct sales (anchored by demo requests and topic-specific contact forms), industry event sponsorships (notably as principal sponsor of the Fixed Income Leaders Summit in Boston and Amsterdam), and OEM partnership distribution. The company has 11–50 employees, maintains offices in London, New York, and Hong Kong, and reports platform scale metrics of 15,000 daily price requests, 40+ connected liquidity providers and issuers, and 5,000+ users spanning Sydney to San Francisco.

Name

OTCX

Legal name

OTCX Trading Limited

Website

https://otcxtrading.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

OTCX Trading Limited operates a regulated Multilateral Trading Facility (UK FCA-authorized) for OTC derivatives, connecting institutional buy-side firms with 40+ sell-side liquidity providers via RFQ/RFM protocols for interest rate derivatives and structured products.

Ownership category

akta.pro rank

Product category

OTC Derivatives Trading Platform (Multilateral Trading Facility)

NAICS

Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (523210)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

OTC Derivatives Execution Platforms (SEF/OTF/Swap Execution) (FSAFANAE)

akta.pro secondary industries

Cleared OTC Derivatives Trading Facilities (SEF/OTF-like platforms) (FSAFABAL), Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

Keywords

• OTC derivatives trading
• Multilateral trading facility
• Interest rate derivatives
• Structured products
• Request for quote platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Trading Venue Transaction Fees: OTCX generates revenue through fees charged on trades executed through its MTF platform. The UK MTF Rate Card underwent changes in December 2025 primarily resulting from the removal of subscription fees, suggesting a shift toward transaction-based pricing.
2. Platform Subscription/Access Fees: Historical mention of subscription fees being removed from the rate card suggests some form of recurring platform access fees may have existed. Current model appears to be transitioning toward usage-based transaction fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

OTCX operates a regulated Multilateral Trading Facility (MTF) that connects buy-side and sell-side participants for the price discovery and execution of OTC derivatives. The platform supports cleared and bilateral interest rate and credit derivatives (Interest Rate Swaps, Swaptions, Cross Currency Swaps, Total Return Swaps) plus structured notes and equity derivatives through a request-for-quote protocol, with end-to-end pre-trade, execution and post-trade workflow coverage and API integrations to OMS/OEM platforms.

Product overview

OTCX Trading Limited operates as a fintech platform providing regulated execution venues for OTC derivatives trading. The core platform consists of two main solutions: (1) Interest Rate Derivatives - a regulated framework connecting clients and dealers to execute cleared and bilateral derivatives including Interest Rate Swaps, Swaptions, Cross Currency Swaps, and Total Return Swaps, featuring pre-trade price discovery, execution via RFQ/RFM protocols, and post-trade STP to Markitwire and clearing; (2) Structured Products - connecting wealth and institutional asset management clients to banks for issuing structured notes and OTC derivatives across equity, fixed income, commodity, and currency underlyings, featuring AI-powered workflows for deal term reconciliation, automated document generation, and API access to hundreds of issuer pricing engines. Both solutions operate through OTCX's regulated Multilateral Trading Facilities (UK MTF FCA-regulated, EU MTF planned for 2026).

Differentiator

Problem solved

Functional benefit

Products and services

• Interest Rate Derivatives A regulated trading solution connecting clients and dealers to execute both cleared and bilateral interest rate and credit derivatives including Interest Rate Swaps, Swaptions, Cross Currency Swaps and Total Return Swaps. Offers pre-trade price discovery, RFQ/RFM execution and post-trade STP to Markitwire and clearing houses; designed for buy-side traders and sell-side dealers in institutional asset managers, hedge funds and liquidity-providing banks.
• Structured Products & Equity Derivatives A solution connecting wealth and institutional asset management clients to their banks to facilitate the issuance of structured notes or OTC derivatives with equity, fixed income, commodity and currency underlyings. Includes price discovery, an institutional-grade execution blotter, AI-powered termsheet reconciliation, automated document generation and a single API to hundreds of issuer pricing and execution adaptors; aimed at private banks, broker-dealers, issuers and liquidity providers.
• UK Multilateral Trading Facility (UK MTF) FCA-regulated Multilateral Trading Facility providing a regulated request-for-quote framework for executing cleared and bilateral interest rate and credit derivatives. Includes OTCX Rulebook, Post-Trade Transparency reporting and Group policies (Order Handling & Best Execution, Conflicts of Interest, Remuneration); serves as the legal and regulatory wrapper through which the Interest Rate Derivatives solution operates.
• European Multilateral Trading Facility (EU MTF) Planned European MTF for 2026 providing OTCX clients with access to a regulated trading venue across European jurisdictions, extending the UK MTF franchise to EU participants as part of the firm's global expansion.

Quantifiable outcome

• Daily processing of 15,000 price requests
• +2 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature9 records

Partnerships

Six partnerships are on record, tiered core, flagship, notable and essential.

• CONNEXOR (operated by SIX)coreTechnology or Integration · 12 February 2026OTCX partnered with CONNEXOR, SIX's high-performance reference data management platform, to automate post-trade data capture. The integration captures all post-trade details, dates, fixings and lifecycle data via API once a transaction is completed. Before the partnership, issuers manually uploaded trade data, which was time-consuming and prone to errors. CONNEXOR now serves as a single hub for distributing complete trade data across the OTCX network, enhancing user experience for private bank clients.
• BlackRock's Aladdin PlatformflagshipStrategic or Co-development Partner · 6 October 2025OTCX announced a multi-year strategic partnership with BlackRock's Aladdin platform to digitize dealer-to-client 'voice' derivative trading. The collaboration integrates OTCX's execution venues into the Aladdin ecosystem, providing Aladdin clients with end-to-end workflow support from price discovery and execution to post-trade processing. This addresses the heavy reliance on manual, voice-based workflows in complex derivatives and provides more choice in electronic trading alternatives.
• Charles River DevelopmentcoreTechnology or Integration · 15 June 2025OTCX partnered with Charles River Development for a joint webinar exploring how the partnership streamlines OTC derivatives workflows within the Charles River Investment Management System. The integration enhances price discovery, negotiation, and automation within the Charles River IMS, with Nicholas Leib (OTCX) and Naveed Ahmad/Satendra Tiwari (Charles River) presenting the collaboration.
• MurexcoreTechnology or IntegrationMurex is listed as a partner OEM provider on the OTCX Interest Rate Derivatives page. The platform is connected with Murex as one of the leading OEM providers, enabling integration with clients' existing Murex-based trading infrastructure.
• Legal & General Asset ManagementnotableGTM or Marketing PartnerOTCX developed an enduring partnership with L&G Asset Management's Head of Trading Ed Wicks and his trading colleagues to solve real OTC Swap trading challenges. Featured in an interview with The DESK, highlighting ongoing collaboration to improve OTC Trading workflows.
• Global Alliance Securities, LLCessentialOthersUS broker-dealer registered with SEC and FINRA member (CRD#:167164/SEC#8-69244) located in Charleston, SC. Acts as chaperone for communications relating to securities involving Permitted US Persons under SEC Rule 15a-6, enabling OTCX to service US institutional investors while complying with US securities regulations.

Scale indicators4 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Tradeweb Markets: Operates a leading multi-asset electronic trading platform with deep RFQ capabilities across rates, credit and derivatives. Direct competitor in institutional OTC derivatives RFQ, with a substantially larger LP network and product breadth.
• MarketAxess Holdings: Electronic trading platform purpose-built for fixed-income and credit, with growing rates and structured-product RFQ flow. Competes head-on with OTCX for institutional buy-side OTC trading volume.
• Bloomberg L.P. (FITB): Operates multi-dealer RFQ functionality on the Bloomberg Terminal for rates, FX and structured products — the incumbent venue for institutional OTC derivatives RFQ that OTCX is explicitly disintermediating for buy-side users.
• TP ICAP: Large interdealer broker with electronic and hybrid execution in rates, FX and structured products following its acquisition of Liquidnet and Parameta. Competes directly with OTCX across voice-to-electronic OTC rates flow.
• BGC Group (Fenics UST/FX/derivatives): Operates Fenics electronic trading platforms for rates, credit and FX alongside its interdealer brokerage, providing fully electronic OTC execution comparable to OTCX's MTF-based offering.
• MTS Group: European electronic fixed-income trading platform operating RFQ and order-book venues for European government and corporate bonds with growing rates-derivatives positioning — directly comparable European venue to OTCX's planned EU MTF.
• Trad-X (Tradeweb Bidwant): Buy-side-to-sell-side RFQ platform for credit and rates acquired by Tradeweb; one of the closest direct analogues to OTCX's buy-side RFQ design philosophy and bilateral/cleared execution model.

Broad incumbents

• Intercontinental Exchange (ICE): Operates multiple regulated swaps execution facilities (Swap Trade Facility, ICE Swap Trade) covering OTC interest rate and credit derivatives across US and European jurisdictions, and operates the institutional fixed-income workflow via BondPoint and ICE EFP — a much larger incumbent in the same regulatory taxonomy.
• CME Group (BrokerTec): Exchange operator owning BrokerTec for electronic U.S. Treasury and European government bond trading; also operates CME swap execution facility functionality. Competes with OTCX in electronic fixed-income and rates-derivatives venue space as a large, vertically integrated incumbent.

Others

• Clarus Financial Technology: Provider of reference data, analytics and execution-management tools for the institutional fixed-income and derivatives markets — adjacent ecosystem participant whose buy-side users overlap with OTCX's target customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/otcx
• Xx.com/otcxtrading

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 OTCX