Trad-X

What Trad-X does

Trad-X is a regulated, multi-jurisdiction electronic trading platform for OTC interest rate derivatives, founded in 2011 and operated as a wholly-owned subsidiary of Compagnie Financière Tradition S.A., one of the world's largest interdealer brokers listed on the SIX Swiss Exchange. The platform operates as a Multilateral Trading Facility (MTF) under the UK Financial Conduct Authority (MIC: TRDX) and the French Autorité des marchés financiers (MIC: TRXE), and as a Swap Execution Facility (SEF) registered with the US Commodity Futures Trading Commission. It serves two institutional client segments: dealers (major trading banks including J.P. Morgan, BNP Paribas, Commerzbank, UniCredit, HSBC, Morgan Stanley, Nomura, Société Générale, and UBS) and non-dealers (asset managers, hedge funds, pension funds, and second-tier banks such as AEGON Asset Management, ACTIAM N.V., and DekaBank).

The platform's core products comprise a Dealer-to-Dealer (D2D) Central Limit Order Book, the industry's first pure electronic Dealer-to-Client (D2C) CLOB launched in January 2020, and a CCP Switch Service that auctions position transfers between Eurex Clearing and LCH.Clearnet for margin optimization. Supporting infrastructure includes the Katana GUI client interface, FIX API programmatic access, connectivity via ION as an independent software vendor, integration with Traiana for credit management and MarkitWire for post-trade confirmation, and an Implied Engine that produces 1 billion+ tradable orders per day from 10 million+ submitted orders across 250-320+ IRS price points in USD, EUR, and GBP. Public reference pricing is distributed through Bloomberg (TRDX, TREU, TIRS1, TRUK1 pages) and Thomson Reuters (TTST1, TDOL), with the Bloomberg Capital Markets Package embedding Trad-X USD spread-over data alongside BrokerTec US Treasuries data.

Trad-X generates revenue through two primary streams: per-execution transaction fees (0.02bps NPV for dealers calculated on executed size; lowest brokerage fees on a per-execution basis for non-dealers) and market data monetization through Bloomberg, Reuters, NEX Data, and TraditionDATA partnerships. Platform access and setup are provided free of charge, with execution fees as the principal variable cost to participants. Distribution relies on the parent company's established bank relationships, traditional institutional sales channels, and reference data presence on dominant terminals. The platform is operated by a small core team within the broader Tradition Group of 2,200+ employees globally, with offices in London (EMEA HQ), New York (Americas HQ), and Paris (EU MTF operations).

Name

Trad-X

Legal name

Tradition (UK) Ltd

Website

https://trad-x.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Trad-X operates a regulated electronic trading platform for OTC interest rate derivatives, serving institutional dealers and buy-side firms across UK, EU, and US markets through MTF and SEF authorizations.

Ownership category

akta.pro rank

Product category

OTC Derivatives Trading Platform

NAICS

Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

akta.pro secondary industry

Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• OTC derivatives trading
• Interest rate swaps
• Multilateral trading facility
• Central limit order book
• Swap execution facility

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Others

Revenue model

1. Execution/Transaction Fees: Fees charged to participants for trade execution on the platform. Dealers pay 0.02bps NPV calculated on executed size. Non-dealers incur per-execution brokerage fees at competitive rates.
2. Market Data Services: Revenue from distributing Trad-X pricing data via Bloomberg (TRDX pages), Thomson Reuters, and other data feeds. Partnership with NEX Data for global distribution.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Trad-X operates an electronic trading platform for OTC interest rate derivatives, providing multilateral trading facility (MTF) and swap execution facility (SEF) services across USD, EUR, and GBP. The platform supports hybrid voice-electronic execution, dealer-to-dealer (D2D) and dealer-to-client (D2C) central limit order books, auction-based CCP position switching between Eurex Clearing and LCH.Clearnet, and real-time reference data distribution to Bloomberg, Thomson Reuters, and NEX Data terminals. Revenue is generated through execution/transaction fees charged to institutional dealers and non-dealer participants (asset managers, hedge funds, pension funds).

Product overview

Trad-X is a multi-venue electronic trading platform for OTC interest rate derivatives operated as a Multilateral Trading Facility (MTF) by Tradition (UK) Ltd (FCA regulated, MIC: TRDX) and TSAF OTC (AMF regulated, MIC: TRXE), with SEF operations in the US (CFTC registered). The platform comprises three interconnected product lines: the core Trad-X Core Platform providing hybrid and fully-electronic order entry across USD, EUR, and GBP interest rate swaps via voice, CLOB, and auction services; the Dealer-to-Dealer (D2D) CLOB enabling multilateral dealer trading with hybrid voice-electronic liquidity; and the Dealer-to-Client (D2C) CLOB providing non-dealers (asset managers, hedge funds, banks) access to dealer-provided liquidity with full CLOB functionality. Supporting modules include CCP Switch Service for margin optimisation between Eurex Clearing and LCH.Clearnet, Public Reference Data distributed via Bloomberg (TREU, TIRS1, TRUK1) and Thomson Reuters (TTST1, TDOL), and Asset Swap Data Service (jointly with MTS). Data distribution extends through NEX Data partnership. The platform processes over 10 million orders daily with mandatory CCP clearing via LCH, Eurex, and CME.

Differentiator

Problem solved

Functional benefit

Products and services

• Trad-X Core Trading Platform (D2D CLOB) Regulated electronic trading platform for OTC interest rate derivatives, providing hybrid and fully-electronic order entry via voice, CLOB access, and auction services across USD, EUR, and GBP IRS products with firm two-way pricing from major market makers. Targeted at institutional dealers (banks).
• Dealer-to-Client Central Limit Order Book (D2C CLOB) Pure electronic MTF CLOB enabling dealers to provide liquidity for non-dealer clients to execute on, and place live resting orders. First of its kind in the derivatives market, designed to replicate dealer CLOB benefits for buy-side participants including real-time executable pricing, tighter spreads, and reduced information leakage.
• CCP Switch Service Auction-based service enabling efficient switching of positions between CCPs (Eurex Clearing and LCH.Clearnet, and CME and LCH.Clearnet) to optimise margin exposure. Available for EUR and USD IRS products.
• Asset Swap Data Service Data service that consolidates MTS interdealer government bond data with Trad-X EUR Interest Rate data to produce accurate Yield/Yield and Par/Par Asset Swaps.
• Trad-X Public Reference Data Pages Public market data subscription pages displaying mid-market pricing calculated directly from Trad-X CLOB, distributed via Bloomberg (TRDX, TREU, TIRS1, TRUK1) and Thomson Reuters (TTST1, TDOL) terminals, including data feeding ISDAfix and Bloomberg Capital Markets Package.
• Trad-X SEF (Swap Execution Facility) US CFTC-registered Swap Execution Facility providing electronic execution of USD interest rate swaps, forming the backbone of IRS CLOB liquidity on TraditionSEF.

Quantifiable outcome

• 33% increase in European trade count from 21,500 to 28,500 following MiFID II implementation
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core, major and supporting.

• MTScoreStrategic or Co-development Partner · 27 January 2021Joint initiative to create Asset Swap data service combining MTS government bond data (French, German, Italian, Spanish) with Trad-X EUR interest rate data. MTS has 20+ million price updates per day; Trad-X has 4+ million updates daily.
• TraditionDATAcoreTechnology or Integration · 27 January 2021Tradition's market data division distributes Trad-X pricing data, offering real-time, end-of-day and historical data for OTC derivatives across all asset classes.
• BloombergmajorChannel Partner/ Reseller/ Distributor · 30 July 2018Bloomberg Capital Markets Package (BCMP) consolidating BrokerTec US Treasuries data with Trad-X USD spread-over data. Available via Bloomberg Terminal and data feeds.
• NEX DatamajorChannel Partner/ Reseller/ Distributor · 16 January 2017Global data distribution partnership where NEX Data distributes Tradition's market data including Trad-X pricing across multiple asset classes and regions.
• Eurex ClearingcoreStrategic or Co-development Partner · 22 February 2016Strategic partnership to launch CLOB for EurexOTC cleared interest rate swaps, CCP switch service between Eurex Clearing and LCH.Clearnet, and public reference pages for EurexOTC cleared swap mid-markets. Eurex serves 176 clearing members in 17 countries managing ~EUR 50 billion collateral pool.
• TraianasupportingTechnology or IntegrationIntegrated with Traiana for credit management and easier administration of credit provision for participants.
• NEX BrokerTecmajorStrategic or Co-development PartnerCombined with BrokerTec US Treasuries data (80% market share per Greenwich Associates) to create comprehensive USD capital market reference data.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• CME Group: Major derivatives exchange operator offering OTC IRS clearing and execution via CME Group markets and BrokerTec. Competes with Trad-X for dealer and buy-side OTC rates flow and is a CCP partner for Trad-X's USD products.
• ICE (Intercontinental Exchange): Major exchange and clearing operator with credit, rates, and energy derivatives. Operates regulated electronic venues comparable to Trad-X's MTF/SEF model and competes for OTC IRS and rates derivatives flow.
• LCH (LSEG): Leading clearing house for OTC IRS via SwapClear. Both a partner to Trad-X (CCP integration, CCP Switch service) and a competitor as SwapClear executes the majority of cleared OTC IRS notional globally.
• Bloomberg L.P. Dominant terminal-based financial data and trading platform with integrated OTC execution capabilities. Distributes Trad-X reference data via TRDX/TREU pages but also offers competing execution and operates as a broader marketplace incumbent.

Direct peers

• TP ICAP: One of the world's largest interdealer brokers, sister to Tradition in the IDB landscape. Operates electronic platforms (iSwap, Fusion) for OTC rates and competes head-to-head with Trad-X in dealer-to-dealer IRS flows.
• MarketAxess: Electronic trading platform operator primarily for credit products but expanding into rates. Comparable as a regulated electronic venue serving institutional buy-side and dealer clients with CLOB-style and RFQ protocols.
• Tradeweb Markets: Leading electronic trading platform for institutional fixed-income, credit, and derivatives markets. Directly comparable to Trad-X in OTC IRS electronic execution, with a much larger scale, broader product coverage, and now majority-owned by LSEG.
• BGC Group: Interdealer broker and electronic marketplace operator (Fenics UST, FMX) competing with Tradition across rates and other asset classes. Highly comparable as a hybrid voice/electronic IDB with similar institutional client base.

Emerging players

• Elixium (sister platform): Tradition Group's OIS trading platform, sibling to Trad-X within the same parent. Comparable as an electronic OTC rates platform operated by the same corporate family, though focused on the overnight indexed swap segment.

Others

• TraditionDATA (sister entity): Tradition Group's market data division, which distributes Trad-X pricing globally. Operationally intertwined with Trad-X as the primary data distribution channel, enabling recurring data revenue streams.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/trad-x

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

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 Trad-X