Best execution product of the year: Tradefeedr

Tradefeedr’s mission to improve the efficiency, transparency and accessibility of foreign exchange trading data has led to its application programming interface (API) platform winning the award for Best execution product of the year. 

The siloed nature of FX trading data across providers and platforms, along with inconsistent data formats and non-standardised reporting, means traders can spend significant time and resources on data aggregation and normalisation. It is also difficult to benchmark performance accurately across different liquidity providers and venues.

To combat these challenges, Tradefeedr’s platform connects financial institutions to a common data layer. It consolidates data from various sources – liquidity providers, trading platforms and market data vendors – into a single, standardised dataset.

Tradefeedr provides raw and analysis-ready data, offering a library of prebuilt analytics alongside the ability to build custom complex analysis. Its focus on standardisation and centralisation ensures that data from different trading pipes and platforms is comparable, simplifying workflows and enabling detailed performance comparison with unbiased industry benchmarks.

The platform offers flexible data access: optimised API calls allow users to extract customised data, accessible directly in client servers, desktop development tools, execution management systems (EMSs) or Tradefeedr’s data science platform.

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Sitting at the heart of Tradefeedr’s product development is its client advisory group, which has more than 30 publicly affiliated members. This group has been instrumental in guiding Tradefeedr as it refines current offerings and develops new services. 

Launched in 2023, Tradefeedr’s pre-trade analytics product pioneered FX algo performance-forecasting techniques, allowing clients to accurately compare expected algo costs and durations from multiple providers using a common methodology.

Over the past 12 months, in response to client demand, the firm has enhanced this product by enabling algo forecasts based on clients’ own data, providing request-for-quote (RFQ) predictions, and assisting with RFQ panel selection.

The development of these new tools and enhancements has required innovative approaches and machine learning techniques. However, underpinning Tradefeedr’s success is its network covering all major liquidity providers and venues for algo and RFQ executions.

Looking to the future, Tradefeedr plans to continue expanding its offering, with growth in the number of banks sharing their algos on its platform and expansion into other asset classes, such as futures and equities. The firm will also focus on ensuring greater interoperability and data-driven collaboration.

This will mean its analytics will be integrated into more buy-side clients’ workflows. In addition to the firm’s strategic partnership with LSEG to integrate its data APIs within LSEG’s FXall platform and its workflow tool, Tradefeedr’s Pre-Trade API will be incorporated into additional EMS platforms, such as Flextrade and FactSet, in the coming months.

Another goal is to empower and build data-driven relationships by facilitating collaboration in shared folders. Buy-side firms will be able to permission bilateral data sharing and analysis with their counterparties. Banks and buy-side firms will both be able to access and build their own shared workspaces to make better use of their data assets, using interactive dashboards and notebooks and sharing performance measures.

Judges said:

• “Tradefeedr’s contributions to transparency, standardisation and centralisation are clearly of value.”
• “There have been some eye-catching enhancements over the past year or so, such as [Tradefeedr’s] pre-trade analytics product.”
• “Tradefeedr offers a platform evolving in line with a guiding philosophy, with changes all tied back to the advisory group.”
• “Good product developments on RFQ and interoperability.”

Balraj Bassi, CEO at Tradefeedr, says:

“We are honoured to receive the award for Best execution product of the year at the Risk Markets Technology Awards 2025. This recognition highlights our efforts in reducing data-sharing friction between financial institutions and fostering market innovation. As the buy side accelerates its adoption of trade automation, Tradefeedr is uniquely positioned to offer independent analysis and seamless access to critical data and decision-making tools. The market’s evolution in the coming years promises to be very exciting.”

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