Trading Technologies launches FX business unit led by Tomo Tokuyama

Rick Steves

“We have more than 6,000 buy-side users alone on the TT platform – including hedge funds, CTAs, proprietary traders and commodity trading firms – who already trade a huge amount of FX on other systems and platforms.”

Trading Technologies has established a new foreign exchange (FX) business unit, TT FX, representing the firm’s latest expansion into new asset classes, with the first phase of implementation for TT FX slated for late 2023.

TT made the announcement at the start of the FIA International Derivatives Expo (IDX) in London.

TT FX for trading spot FX, forwards, NDFs, and swaps on curated ECNs

TT FX will enable buy-side clients to trade spot FX through a choice of curated ECNs. In early 2024, TT will extend the offering to include liquidity from major banks and expand the product set to include forwards, non-deliverable forwards (NDFs), and swaps.

The initial focus on the upcoming FX business line of TT will be on the hiring of key talented FX industry product and technology experts, connectivity to major electronic communication networks (ECNs) and liquidity providers, and the delivery of advanced FX trading capabilities through TT’s execution management system (EMS).

Trading Technologies will thus enter foreign exchange trading a few months after having joined the bond market by acquiring AxeTrading, a provider of fixed-income trading solutions.

Tomo Tokuyama appointed to lead TT FX

Leading TT FX will be Tomo Tokuyama, an industry veteran with an extensive FX trading track record on the buy side and sell side, most recently as Head of Trading at multi-billion dollar quantitative fund manager First Quadrant, LLC.

As Head of Trading of the Los Angeles-based quantitative fund that at its peak managed over $25 billion in assets, Tomo Tokuyama transformed the firm’s FX trading from 98% voice execution to 95% electronic, and positioned First Quadrant at the forefront of FX algorithms and automation.

He was responsible for managing the trading team and overseeing all trading activity at the firm including FX, equities, commodities, futures, listed options and total return swaps.

Tokuyama, along with the head of Portfolio Construction, managed day-to-day implementation of the firm’s portfolio strategies and analyzed new ways to improve trading efficiencies, which included vetting all of the latest Fintech offerings.

Previously, he worked at Goldman Sachs in Tokyo and Hong Kong, where he was a member of the Macro Asset Sales team specializing in electronic FX, responsible for distributing the Goldman Sachs electronic FX offering across Asia. At Goldman Sachs, he was instrumental in launching both electronic NDFs and first-generation FX algorithms.

Tomo Tokuyama is also an FX industry thought leader, frequently speaking at FX and financial services industry events and serving on numerous advisory boards, including for Best X, FX Connect, FX Hive, and the TradeTech FX conferences.

“We have more than 6,000 buy-side users alone on the TT platform”

Keith Todd, CEO of Trading Technologies, said: “We have more than 6,000 buy-side users alone on the TT platform – including hedge funds, CTAs, proprietary traders and commodity trading firms – who already trade a huge amount of FX on other systems and platforms. Following many months of outreach and research with our clients, we’ve heard significant positive feedback and strong demand to consolidate this activity on TT’s EMS. TT FX will leverage the unparalleled global distribution capabilities of our platform, the award-winning functionality of our EMS and the widest possible choice of liquidity providers to deliver a truly best-in-class solution. We are delighted to have Tomo on board to lead this initiative for TT. He brings a wealth of knowledge and expertise in this space from both the sell-side and buy-side perspectives.”

Tomo Tokuyama, Head of TT FX, said: “I have long believed that technology will continue to advance and shape the future of FX trading through greater focus on automation and data. I’m pleased to join a firm that not only shares that view but listens carefully to clients to deliver innovative tools and access to markets that traders and firms actually want. FX is in high demand by TT clients, and I’m excited about the opportunity to further shape the FX strategy and deliver a product that TT clients will be proud to use.”

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