GFInet to unleash derivatives market data feed

New York-based interdealer broker GFInet plans to offer market data feeds for the first time, and is in the process of selecting a feed vendor.

The broker currently displays only a limited set of data via Bloomberg and Reuters, said Michel Everaert, global head of product marketing at GFInet.

The new feed will include prices for foreign exchange derivatives, credit derivatives, energy cash and derivatives, and cash bonds. The subscription service will offer real-time and historical data, said Everaert.

He added: "We are in the process of selecting a data feed supplier, which we will announce in a week or so.”The feed will be available via direct 'elementised' data delivery to customers' market data distribution platforms or into GFInet's Fenics analytics applications. This means clients can customise the data they require.

GFInet is also actively talking to market data vendors regarding further distribution, Everaert said.

Currently, users have to key prices into their Fenics applications, but once the market data feed goes live it will happen automatically. "A by-product of broking is market data. We can give users a tool – a feed with market data that they can execute – pre-trade STP," he said.

The company realised it needed pre-trade tools two years ago and bought Fenics, a forex options analytics provider. The purchase allowed GFInet to incorporate Fenics' analytics into its forex options trading platform, among its other systems.GFInet is one of a series of inter-dealer brokers seeking to build a presence in data provision. Both Cantor Fitzgerald and Icap are seeking to boost their data capabilities.

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