Barracuda FX deploys Ideal to optimize trading performance and go by the FX Global Code

Rick Steves

Barracuda FX has a long history of offering market-leading products across the front office for banks, brokers, and other financial institutions trading in FX.

Barracuda FX has partnered with Ideal to deploy their turnkey solutions for trading analytics and supervisory risk management, which will help the clients of the eFX trading and order management systems provider to optimize trading performance and adhere to the FX Global Code.

Clients trading within ION-owned Barracuda FX’s environment can now count with Ideal’s performance analytics and supervisory risk management solutions, including Ideal Flow and Ideal Control.

What is Ideal Flow and Ideal Control?

Ideal has brought to the institutional FX space two solutions that provide an unprecedented level of insight and trade supervision to FX trading.

Ideal Flow offers independent TCA reporting, client and counterparty analysis, and liquidity management in one unified interface. Besides best execution reporting, the solution offers powerful visualizations and analysis of counterparty behavior, flagging potential issues to investigate and informing client tiering and flow decisions.

Ideal Control streamlines trade supervision for first-line risk management teams and is particularly relevant for senior managers complying with SMCR as it provides independent validation and evidence of ethical decision-making, greatly mitigating operational, reputational, and regulatory risks. The solution operationalizes trading best practices and principles-based regulation as quantifiable checks, curated alerts, and clear action steps—automating workflows and building a defensible audit trail over time.

FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages  

 

Barracuda FX tapped Ideal to help clients trading in FX optimize their performance

John Crouch, Chief Executive Officer at Ideal, commented: “The highly specialized analytics powering Ideal solutions reflect our team’s firsthand experience leading trading desks and quant groups for over two decades in-house, within FX, fixed income, and other asset classes. Our in-depth understanding of FX-specific dynamics and workflows translates to user-friendly interfaces with intelligent curation built-in.

“Ideal Flow and Ideal Control analyze the same pool of FX trading data through two different lenses, illuminating how traders can optimize their performance and helping supervisory risk managers adhere to the FX Global Code and MiFID MAR code of conduct principles. We’re excited to bring these decision intelligence solutions to Barracuda FX clients.”

Joshua Walsky, Chief Technology Officer at Barracuda FX, added: “Barracuda FX has a long history of offering market-leading products across the front office for banks, brokers, and other financial institutions trading in FX. Our flagship OMS and solutions for trading, execution, pricing, and distribution provide our clients with modular, end-to-end solutions for their FX trading needs. We are pleased to offer the complementary capabilities of Ideal solutions within our secure environment. Barracuda FX clients can get up and running with Ideal Flow and Ideal Control almost instantly.”

Read this next

Institutional FX

Euronext reports double-digit growth in FX volume

Pan-European exchange, Euronext has reported a 10 percent rebound in the average daily volume on its spot foreign exchange market. The ADV figure stood at $19.6 billion in January 2022, which is up from December’s $18 billion.

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

<