FEX - The Financial and Energy Exchange Group

Background

OTC markets, irrespective of their asset class have their own trading profile and personality. Their relative lack of liquidity sets them apart from their exchange traded related markets, as does the non standard nature of the bi lateral arranged deals transacted. To deliver a sustainable, consistent, efficient, compliant transactional service for their customers modern broking intermediaries recognise the need to embrace electronic solutions. However vanilla trading platforms often fail to deliver the tactile features that are needed to assist traders or the brokers trying to utilise them. Ironically simple platforms or those that focus on complex post trade functionality miss the point by disregarding the necessary complexities often necessary in OTC pathways. There are many nuances to successful OTC trade execution than mere price promotion, which in itself can regularly work against the customer’s trading interests.

The best manual voice brokers, that dominated old world OTC markets, are too busy working the phones to spend any significant time considering or designing a trading system that seeks to imitate their best work, leaving the best programmers with the input they need to build a trading platform that works for the broker rather than against them. The programmer’s understandably often then head down the admirable and more tangible path of building impressive post trade efficiencies which can only be of assistance if there are trades generated by the system to process. Friday afternoon specification meetings just don’t cut it. Not even close. Often all this work and good intention ends up an expensive waste of time.

Philosophy

The vision of Mercari was to build functional OTC electronic market places. The philosophy has been to emulate broker best practice in an efficient, compliant electronic trading platform. The Mercari Direct platform does not seek to replace the important broker role even though it quite capable of operating as an efficient stand only market place. Mercari Direct allows brokers to service more clients in more markets than ever before by giving them the freedom them to multiply themselves electronically. Mercari Direct is the product of 5 years full time work by successful brokers, a successful OTC dealer, intuitive programmers and the hard earned experience that only real time OTC market deployment and trading amongst some of the world’s largest institutions for the last three and a half years can give.

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