Trading Cross HFT Team Commences Trading
Trading Cross Connects US LLC (TXC), an incubator of high frequency trading teams, announced that its first team commenced live trading. The newly created London based firm was founded by former high frequency proprietary traders who worked at a major European bank.
Alan Schwarz, President and COO of TXC, is pleased to have its first customer trading just two months after closing the first round of funding. “The speed and efficiency involving the on-boarding of TXC’s first customer is a testament to the scalability of our technology infrastructure, broad connectivity offering and experienced professionals. TXC helped establish the new high frequency firm and connected them with Bay Head’s pre-existing prime brokerage relationship, which contributed to the overall ease of starting the business. Individuals in the high frequency trading community looking to set up their own operation will find our turn-key solution extremely valuable – both on the infrastructure and capital side.”
TXC provides ultra low latency connectivity to all major exchanges/ECNs for FX, Fixed Income and US Futures. “We have native connectivity to all major marketplaces and provide co-location to ensure minimal latency. Our asset agnostic software and optimized exchange adapters ensure that we can meet the demands of our clients,” says Gray Lorig, TXC’s Chief Information Officer, in a press release.
TXC offers a comprehensive test environment to clients. According to Schwarz, “the availability of historical tick level market data and the ability to backtest and paper trade (simulations with live market data) played a very important role in decreasing the time-frame for validation of the client’s models.”
TXC plans to incubate five teams in 2010 and is in active discussions with several high frequency traders seeking to establish their own high frequency firm.
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