Name

TraditionDATA

Legal name

Tradition Financial Services Limited

Website

https://traditiondata.com

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Financial Market Data

NAICS

Securities and Commodity Exchanges (52321), Commodity Contracts Intermediation (52316)

SIC

Commodity Contracts Brokers & Dealers (6221), Finance Services (6199)

akta.pro primary industry

Pricing & Valuation Services (Fixed Income, OTC, Derivatives) (FSAFAIAF)

akta.pro secondary industry

Best Execution & TCA Compliance (FSAFAOAL)

Keywords

• OTC market data
• Interest rate derivatives
• Alternative reference rates
• Fixed income analytics
• FX market data

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Data Licensing: TraditionData provides data access through written Master Service Agreements (MSA), Distributor Licenses, and Group Licenses. Data is distributed on anonymous basis without specific transaction and client identifying information.
2. Application/Non-Display Usage Fees: Fees apply for use of data within non-display applications including market/credit risk, portfolio management and valuation, fund administration, back office, quantitative analysis, research, compliance and auditing, instrument pricing, and programmatic/algorithmic trading.
3. Derived Data Licensing: For permitted Derived Data creation, customers pay licensing fees for internal use where data cannot be reverse engineered or used to recreate the original Data.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

TraditionData provides proprietary OTC financial market data, analytics, and distribution services sourced directly from Tradition's global inter-dealer broker network, covering FX & Money Markets, Interest Rate Derivatives, Credit & Fixed Income, and Energy & Commodities. The offering includes real-time, snapshot, and historical data across 200+ products and 200,000+ instruments, with delivery through the proprietary Market Data Platform (MDP) supporting FIX 5.0, LSEG Real Time/ETA/UPA, and JSON over WebSocket protocols. Customers access data via Master Service Agreements, distributor licenses, and group licenses, with annual RPI-indexed subscription fees and usage-based fees for non-display applications.

Product overview

TraditionData is a leading OTC financial market data provider offering a comprehensive platform with 200+ products and 200,000+ instruments across FX & Money Markets, Interest Rate Derivatives, Credit & Fixed Income, and Energy & Commodities. The core product portfolio includes Alternative Reference Rates data (SOFR, SONIA, ESTR, SARON, SORA, TONA, AONIA, HONIA, CORRA, THOR, AMERIBOR, TPOR) for LIBOR transition support, interest rate derivatives (swaps, FRAs, options), FX & money markets data, energy & commodities pricing, and global fixed income data including bonds.com (acquired 2022). Data is delivered via the proprietary Market Data Platform (MDP) supporting FIX 5.0, ETA/UPA, and WebSocket protocols, with strategic integrations to Bloomberg, LSEG, and cloud partners.

Differentiator

Problem solved

Functional benefit

Brands

• Bonds Pro: A leading source of comprehensive pre-trade executable prices on corporate and government bonds, acquired as part of the bonds.com acquisition in 2022
• Trad-X
• Gottex
• TFS Volbroker
• Equiduct
• Tradition Predictive Overnight Repo (TPOR)
• Market Data Platform (MDP)

Products and services

• Interest Rate Derivatives Data Comprehensive OTC interest rate derivatives data covering basis swaps (including CCP basis swaps), cross currency swaps, forward rate agreements, inflation swaps, interest rate options (caps & floors, swaptions, Asian interest rate options), interest rate swaps, and overnight indexed swaps (OIS). Sourced from Tradition's inter-dealer broker network for financial institutions needing precise IRD pricing and analytics.
• FX & Money Markets Data Foreign exchange and money market data including forwards & spots, Japanese retail FX flow, FX options (TFS Volbroker FX options, Tradition enhanced FX options), and money markets data covering repo market data, Asia repo data, deposit market data, and U.S. repo data. Sourced from inter-dealer broker operations for banks, asset managers, and corporate treasury teams.
• Energy & Commodities Data Commodities market data covering coal, environmental products, gas, oil (including oil swap model), precious metals, and power. Provided to financial institutions requiring transparent pricing in energy and commodities OTC markets.
• Credit & Fixed Income Data Fixed income and credit data including bonds.com Global Fixed Income (over 20,000 securities across 55+ countries), U.S. Treasury clearing data, and Japanese government bonds. Provides pre-trade executable pricing data on corporate and government bonds to financial institutions.
• USD SOFR Data Secured Overnight Financing Rate (SOFR) data for USD markets as part of the Alternative Reference Rates (ARR) suite, supporting the LIBOR transition for financial institutions.
• GBP SONIA Data Sterling Overnight Index Average rates and market data, including OIS SONIA across tenors from 1W to 60Y, forward starting OIS, FRA, and cross-currency basis swaps for UK financial institutions.
• EUR ESTR Data Euro Short-Term Rate data for European markets as part of the Alternative Reference Rates suite, replacing EONIA for European financial institutions.
• CHF SARON Data Swiss Average Rate Overnight data for Swiss franc markets as part of the Alternative Reference Rates suite, available to financial institutions managing CHF-denominated positions.
• SGD SORA Data Singapore Overnight Rate Average data for Singapore financial markets, including THOR overnight index swaps curve, provided to financial institutions managing SGD-denominated positions.
• JPY TONA Data Tokyo Overnight Average Rate data for Japanese markets as part of the Alternative Reference Rates suite, available to financial institutions managing JPY-denominated positions.
• AUD AONIA Data Australian Overnight Index Average data for Australian markets, available to financial institutions managing AUD-denominated positions.
• HKD HONIA Data Hong Kong Overnight Index Average data for Hong Kong markets, available to financial institutions managing HKD-denominated positions.
• CAD CORRA Data Canadian Overnight Repo Rate Average data for Canadian markets, available to financial institutions managing CAD-denominated positions.
• THB THOR Data Thai Overnight Repurchase Rate data for Thai markets including THOR overnight index swaps curve, available to financial institutions managing THB-denominated positions.
• USD AMERIBOR Data American Interbank Offered Rate data as an alternative reference rate for USD markets, available to financial institutions seeking diversified USD benchmark rate options.
• Tradition Predictive Overnight Repo (TPOR) Rate Service Intraday day-ahead SOFR predictive rate service calculated from repo trades processed at Tradition and BNYM, providing insight into Federal Reserve SOFR Rate fixing. Available throughout the day on an hourly snap basis and as an end-of-day rate at 4:30pm. Calculated by combining repo trades processed at both Tradition and BNYM.
• Trad-X Interest Rate Swap Data Interest rate swap data product from the Trad-X platform operated by Tradition, enabling trading via APIs with price changes processed within milliseconds. Available to financial institutions requiring real-time IRS pricing.
• TFS Volbroker FX Options Data FX options trading platform providing volatility data and pricing for currency options via the TFS Volbroker brand. Available to financial institutions requiring real-time FX options pricing.
• Tradition Enhanced FX Options Data Enhanced FX options data offering providing expanded coverage and analytics on currency options for financial institutions requiring detailed FX options pricing.
• bonds.com Global Fixed Income Data Pre-trade executable prices on over 20,000 corporate and government bonds across 55+ countries via the Bonds Pro platform. Acquired as part of the bonds.com acquisition in 2022 and expanded into TraditionData's offering in 2023.
• Equiduct Retail Equities Data Pan-European retail equities data from the Equiduct partnership, providing retail market data across European markets through TraditionData's established distribution network.
• Derivium Tradition India Market Data India market data providing Indian Rupee (INR) denominated Fixed Income, Foreign Exchange, and Rates data. Available to financial institutions operating in or trading Indian markets.
• Japanese Government Bond (JGB) Data Japanese Government Bond data product providing market data and access to all issues across the JGB yield curve for financial institutions managing JGB positions.
• Japanese Market Data (Nihon) Comprehensive Japan market data including Japanese government bonds (JGB), interest rates, FX, and inflation coverage with over 40 years of market presence in Japanese financial markets.
• Israel Market Data Market data for Israeli financial markets, providing pricing and analytics to financial institutions with exposure to Israeli markets.
• Gottex Brokers Data Interest rate swap brokerage data under the Gottex brand, providing IRS pricing data to financial institutions.
• Market Data Platform (MDP) Proprietary data distribution platform providing real-time data connectivity via FIX 5.0, ETA/UPA, and JSON over WebSocket protocols with geographically distributed points of presence at Equinix LD4, LD8, and NY4 data centers.

Quantifiable outcome

• Over 1 trillion data points across 200+ products and 200k+ instruments going back 15+ years
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• EquiductcoreStrategic or Co-development Partner · 1 January 2026Pan-European retail equities data partnership combining Equiduct's trading platform with TraditionData's data distribution capabilities. This partnership provides access to retail equities data across European markets through TraditionData's established distribution network.
• BloombergcoreTechnology or IntegrationData distribution partnership enabling access to TraditionData pricing through Bloomberg's platform. Data available via B-PIPE (API access), Bloomberg Terminal (display access), and Data Licence (point-in-time access), providing seamless integration for Bloomberg users.
• LSEGcoreTechnology or IntegrationData distribution partnership providing access to TraditionData data through LSEG's platforms including Elektron (API access), Eikon (display access), and DataScope Select (point-in-time access). Partnership includes joint events such as the Mumbai risk management forum.
• Cloud PartnerssupportingTechnology or IntegrationCloud-based data distribution partnerships enabling customers to access TraditionData services within major cloud provider ecosystems, offering flexible deployment options.
• Bank of New York Mellon (BNYM)coreStrategic or Co-development PartnerStrategic partnership for SOFR calculation combining repo trade data from both Tradition and BNYM to calculate the Tradition Predictive Overnight Repo (TPOR) Rate. BNYM provides clearing and settlement infrastructure for tri-party repo, while Tradition facilitates trades on Tri-party, GCF and DVP repo.
• EquinixsupportingTechnology or IntegrationData center partnerships at Equinix LD4, LD8 & NY4 locations providing the physical infrastructure for TraditionData's Market Data Platform (MDP) and points of presence.

Scale indicators10 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• Bloomberg: Dominant financial data terminal and pricing contributor for OTC markets; competes with TraditionData on consolidated pricing feeds while simultaneously serving as a primary distribution channel for TraditionData's products.
• LSEG (London Stock Exchange Group / Refinitiv): Owner of Refinitiv, the largest financial market data franchise, and a strategic distribution partner of TraditionData; competes head-on in OTC pricing data and ARR benchmarks while providing infrastructure that delivers TraditionData feeds.
• ICE Data Services (Intercontinental Exchange): ICE operates major exchanges (NYSE, ICE Futures) and a large fixed income and reference data business; competes with TraditionData across pricing data, analytics, and consolidated feeds while also serving as a competing venue for OTC swaps execution.
• S&P Global Market Intelligence: Provides pricing, reference, and analytics data (including S&P Global Fixed Income indices); competes with TraditionData in fixed income pricing and valuation datasets for institutional clients.
• CME Group: Largest derivatives exchange operator with a market data and services business covering rates, FX, and commodities data; a competitor for OTC reference data and benchmark-adjacent products.

Direct peers

• BGC Group: Interdealer broker and parent of Fenics UST and other electronic platforms; operates a market data business derived from its broker network, mirroring TraditionData's model of monetizing IDB-originated pricing data.
• TP ICAP: One of the world's largest interdealer brokers with a significant market data arm (TP ICAP Data & Analytics), directly comparable to TraditionData's positioning as the data arm of a major interdealer broker.

Emerging players

• Euronext (MTS): European exchange operator that owns MTS, the leading European fixed income trading venue; competes in European fixed income and rates market data, particularly for benchmark and pre-trade transparency datasets.
• Tradeweb: Electronic marketplace for fixed income, derivatives, and ETFs with a growing data and analytics offering; competes for the same buy-side and sell-side fixed income data spend as TraditionData's bonds.com-derived product suite.
• MarketAxess: Electronic trading platform for corporate bonds and other fixed income instruments with a growing data and analytics business (Open Trading, CP+); overlaps with TraditionData in fixed income pre-trade pricing transparency and bonds.com-like datasets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/traddata

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 TraditionDATA