NEX Data, a branch of NEX Group (former ICAP), announced today a distribution agreement with over-the-counter commodity and financial products broker Tradition.
NEX Data will provide distribution for Tradition’s market data and information services division, TraditionDATA, including real-time and end-of-day prices. The distribution covers all Tradition’s pricing operations, from global electronic to voice broking and hybrid, in all asset classes, including interest rate derivatives, money markets, energy and commodities, and fixed income products. OTC derivatives platform Trad-X and Tradition Asia are also covered by the distribution agreement.
“Tradition has a long history of arranging, managing and executing across a range of liquid and illiquid financial products, instruments and asset classes globally. Our decades of expertise and brokerage experience has allowed us to build up a rich database of historic data and trading activity. This offers a crucial independent pricing source for market participants seeking to source liquidity and accurately price and manage risk,” said Dan Marcus, Global Head of Strategy and Business Development at Tradition.
“Our partnership with NEX Data will be mutually beneficial; it will substantially expand the reach and distribution of our respective complimentary market data and information services and enable our clients to benefit from a wider set of data sources,” Marcus concluded.
Commenting on the announcement, Kevin Taylor, Managing Director at NEX Data, said: “In the current era of regulatory change, the need for accurate and reliable trade-backed data continues to grow as it provides greater transparency of financial markets. This is particularly true of OTC derivatives, which are traditionally transacted over the phone via voice brokers and feature a number of hard-to-price, less liquid assets than those traded electronically.”
Taylor added that “By acting as a distributor to Tradition, which offers complementary data services to NEX Data, we are able to expand our multi-asset class and Asian market coverage and develop new services in pricing, analytics and indices. This will help our clients conduct pre-trade analysis, aid price discovery, inform investment decisions and manage risk.”