FactSet’s FX EMS integrates LoopFX’s block trading solution

Rick Steves

“We are delighted to partner with another global award-winning FX industry-leading platform. Portware is a trusted hub for some of the world’s largest asset managers whose clients now have direct access to LoopFX functionality within their preferred workflows.”

LoopFX and FactSet have unveiled plans to integrate LoopFX into FactSet’s Foreign Exchange execution management system, Portware.

Slated for early 2024, the partnership aims to seamlessly embed LoopFX’s pioneering ‘Peer-To-Bank’ matching engine technology into Portware, providing FactSet’s clients with enhanced accessibility directly within their existing workflows on trading screens.

LoopFX centralizes P2P matching with bank interest in a dark pool

Chris Matsko, Head of Foreign Exchange Trading Services at FactSet, said: “We are pleased to announce the integration of LoopFX into FactSet’s Portware Platform. This announcement showcases FactSet’s dedication to enhancing our products by working with innovative solutions that provide the best possible outcomes to our valued clients.”

FactSet, globally recognized for its market-leading data, analytics, and technology solutions, will leverage LoopFX’s ground-breaking technology to empower clients to execute FX trades more efficiently. LoopFX, known as the venue for large spot FX trades, employs a ‘Peer-To-Bank’ model, centralizing Peer-To-Peer matching with bank interest in a dark pool. This approach eliminates information leakage and reduces trading costs, particularly for large FX trades exceeding $10 million.

The integration will position LoopFX as a pivotal player in FactSet’s Portware Platform, an advanced multi-asset Execution Management System (EMS) widely used by leading buy-side traders globally. Portware facilitates traders in analyzing, communicating, and executing orders with diverse market participants and liquidity destinations through highly efficient, customized, and automated workflows.

Blair Hawthorne, Founder and CEO of LoopFX, said, “We are delighted to partner with another global award-winning FX industry-leading platform. Portware is a trusted hub for some of the world’s largest asset managers whose clients now have direct access to LoopFX functionality within their preferred workflows.”

LoopFX also integrated into State Street’s FX Connect

It was in November 2022 that LoopFX announced the pilot phase of its peer-to-peer foreign exchange trading venue designed for large spot FX trades and offering improved execution outcomes by centralizing P2P buy-side matching with bank interest.

The startup, which is backed by John Sievwright, Ivan Ritossa, Mike Soutar, Tim Ewington, and Martin Gilbert, entered the pilot phase in December 2022. LoopFX was founded by Blair Hawthorne, who is the firm’s CEO and is developing the P2P FX trading venue after a career as an FX trader, most recently at abrdn.

In September 2023, State Street Corporation announced a strategic collaboration between FX Connect, a key component of the GlobalLink suite of e-trading platforms, and LoopFX.

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