TransFICC won the Risk Award because it resolves the market-wide problem of fragmentation, by connecting, and maintaining connectivity, to more than 200 execution venue APIs. The firm enables financial institutions to access their required eTrading venues, while streamlining technology requirements and reducing operational costs.
Steve Toland, Founder commented: "We are very grateful to Risk for recognising TransFICC at this year's awards. The Risk Awards provide validation for businesses operating in derivatives and risk management, but perhaps most important, the detailed judging process places great emphasis on the views of clients. I would particularly like to thank them for their comments and support."
He added, "This Risk Award completes a busy and successful year for TransFICC, during which we signed two global investment bank clients, began testing with many others, connected to 14 venues, doubled the size of our technical team, added Citi as an investor and joined Citi's Innovation Lab.”
Risk writes an article about TransFICC, but some highlights are -
Company founder Steve Toland, who leads a team that largely met in their previous jobs at LMAX Exchange, says: “Customers are looking to migrate internal systems away from incumbents, take advantage of new trading venues, do upgrade work, or all of the above.”
“TransFICC has simplified its offering to the value-add part by providing the fastest and best connection to the market, because as a bank I want to decide how I route and aggregate orders to give me more control,” says the US head of rates IT.
The purity of the model helped the firm win initial seed funding in October 2017 from venture capital firm Illuminate Financial and Commerzbank’s fintech incubator, with a third investment from Citi in August 2018.
For more information see https://www.risk.net/awards/6144031/fintech-start-up-of-the-year-transficc