Our latest product features - September, 2026
Get a glimpse of how we are innovating in our product development and shaping the future of data-driven trading.
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391
Product Improvements
63
Bugs Squashed
Feature Highlights
FX Market Making Used As Internal Liquidity Source
FX market makers can now include their own internal venue as one of the aggregated multi-listed sources the Smart Order Router considers when executing FX flow. Configured through existing FX client tiers, the venue can be enabled for both internal desks and external clients, letting a trader or auto-hedger route liquidity to the firm's own book so it competes directly against external market venues. In the trading front end, a new "Internal ESP" filter adds this venue to FX rates and RFQ tiles and the order ticket, resolved against the client's configured tier. This currently covers streaming ESP pricing only, giving FX desks a practical way to capture more of their own flow internally before it reaches the open market.
FX Market Making Client Limit Orders
FX market making clients pricing off Quod streaming quotes can now submit Limit orders with a Day time-in-force that keep working at their chosen price. Each order first passes the same validation and fill checks as a Fill-or-Kill order, but if it cannot be filled immediately it rests in the system and is re-evaluated against every new quote until it fully fills, is cancelled, or expires at the end-of-day settlement roll. Orders can be entered from the On Behalf Of Client ticket in the trading front end or via the FX market making FIX gateway, and resting orders can be amended for price, quantity or order type while keeping strict price/time priority. Fills are throttled by a configurable matching interval, giving the desk time to hedge or skew between batches of executions.
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