Trad-X, an electronic trading platform for OTC derivatives, was launched in May 2011.
Tradition is the interdealer broking arm of Compagnie Financière Tradition, which operates in 27 countries and is listed in Switzerland.
Dan Marcus, MD, strategy and business development at Tradition, commented: ‘Trad-X represents a step change in the trading of OTC derivatives. Tradition’s strategy is to proactively develop global regulatory compliant services for our clients and we have responded to anticipated regulatory change with the launch of Trad-X.
‘The platform has been developed in consultation with the major investment banks, which are all actively involved in not only streaming liquidity but in the development of the platform going forward.’
Last week the company announced that the platform has matched approximately 1,900 orders in Euro interest rate swaps with a notional value traded of more than €112bn, since launch.
The MHP team is led by Andrew Nicolls, MD, banking and capital markets and Tim McCall, deputy COO.
Nicolls said that the OTC derivatives marketplace was ‘undergoing a period of rapid transformation’ and that the agency would look to ‘provide strategic advice and position Tradition’s Trad-X platform in a fast moving market’.