X-Change Financial Access (XFA), a division of Marex and an execution broker for exchange-traded derivatives, and Genesis Global, the low-code application development platform purpose-built for financial markets organizations, announced a partnership to automate quoting for flexible exchange options (FLEX options).
Called FLEX-FA, the new platform “streamlines intraday quoting of FLEX options, enhancing the speed and reach of XFA’s brokerage services.”
Unlike traditional options, the FLEX market does “not benefit from a continuous quote stream.”
Therefore, innovations like FLEX-FA, which “standardize and automate request-for-quote (RFQ) processes, benefit end users by increasing liquidity and promoting best price execution.”
FLEX-FA was delivered in two months by Genesis.
Andrew Geye, Head of Structured Products at XFA, ssid:
“FLEX-FA enables us to provide high levels of service to clients amid dramatic growth in volume and order complexity in the FLEX option market. In partnering with Genesis, we have developed a scalable, modern RFQ solution which improves the price discovery process by enhancing speed, accuracy and efficiency.”
“Working with innovators like XFA to automate key parts of fixed income markets is a core strength of Genesis. Built in only two months, the FLEX-FA platform demonstrates that trading operations for even the most bespoke financial products can migrate from spreadsheets and manual processes to modern, enterprise quality solutions which benefit brokers, market makers and end users, alike.”
Central to FLEX-FA is “a Genesis-built FIX message hub and RFQ workflow manager which enables XFA to electronically distribute RFQs to multiple market makers, who can return quotes via FIX back to XFA.”
The system aggregates RFQ responses and customized interfaces, “designed by Genesis, make it easy for XFA to place orders with winning quotes.”
Andrew Geye remarked:
“With FLEX-FA, we help our customers reach a broad audience of liquidity providers, regardless of how complex the order might be. The platform also enables market makers to quote with confidence and accuracy, which is important in an increasingly active marketplace.”
FLEX options are index options products that “offer the security of an exchange-traded product while offering the writer and purchaser the ability to negotiate exercise style, expiration date, strike price and other variables in the option.”
Marex, the parent company of XFA, is also “a client of Genesis.”
Marex uses Trade Allocation Manager, “the modular, flexible, cross-asset class middle office solution from Genesis.”