Independent Software Vendors are always looking for new markets and new opportunities. Trading Technologies says it has found both with a new deal with the European Energy Exchange to provide its new TT trading platform its market participants.
Rick Lane, CEO of TT, spoke with John Lothian News about what it means for TT and EEX, and where the ISVs are heading. The announcement marks the debut of TT’s latest technology, simply branded as TT. The new platform is a major shift for the firm, which has been moving toward a software as a service model for its new technology.
“The beauty of this new platform is that the risk model allows a business, generally an FCM or broker, to really model into the platform with how their business works,” Lane said.
For TT, SaaS means that TT customers no longer require software to install and update. All of that will now be handled through a web-based approach that can be used on any device, including Android and iOS mobile devices. Set up for new customers will now take just minutes, TT says.
With the EEX deal, TT onboarded more than 300 EEX users over a 10-day period last month.
The system, which runs on a hybrid of cloud and co-location services, will be two times faster than TT’s current 7.x technology that runs X_Trader.
Lane also said that the system is robust in terms of risk management tools. The new platform will allow firms to manage their risk through a multi-broker approach, that allows buy-side firms to manage their risk independently. With the EEX deal, risk management software is built into the technology, allowing EEX to monitor user positions in the market.