Bringing FX to the TT Ecosystem: Extending the Unfair Advantage Across Asset Classes
At TT, we talk a lot about what we call the “unfair TT advantage.” Our deep roots in one of the most active and loyal client bases in global markets: futures and options traders. These users know our platform, trust its performance and rely on its scale every day.
So when we decided to launch FX trading on TT, we were building it on this advantage. We are launching our unified FX offering for institutional traders who trade multi-asset strategies day in, day out at hedge funds, proprietary trading firms, banks and a whole host of other institutions. Adding FX extends the TT platform for these traders. We are not trying to reinvent the wheel with our entry into FX, but to consolidate the fragmentation faced when trading cross-asset.
Solving a Familiar Problem
Before joining TT, I ran trading at a quantitative macro manager, executing across asset classes from futures and options to equities and FX. I experienced firsthand the friction and hassle that come with managing multiple systems.
Traders juggle multiple logins and fragmented execution and order management systems (E/OMSs). Meanwhile, operations teams face the back-office headaches of processing trade reconciliations across disparate systems. Even firms that have integrated their OMS across asset classes often find execution and post-trade workflows remain siloed.
TT FX solves this long-standing problem. For years, many of our clients have been asking us to extend our platform so they can trade FX alongside listed derivatives and other asset classes on a single system, reducing the technology fragmentation that they face today.
Screen real estate is precious. Traders don’t want five execution management systems (EMSs) open across different monitors. With TT FX, you can trade both sweepable and full-amount OTC FX as well as launch FX and futures algos from the same drop-down menu, and use the same order controls across both asset classes, and monitor positions and execution side by side.
We’ve integrated directly with popular bank algos, giving users immediate access to trusted liquidity and execution styles. For global macro and multi-asset desks, this means faster execution, with fewer clicks and far less fragmentation.
Respecting How FX Traders Trade
TT has always been known for its MD Trader® ladder. This view reflects how futures traders think about markets and increases the efficiency of trading and visibility of liquidity. But FX is different in terms of how traders approach it and how it is visualized on screen.
That’s why we have built TT FX with functionality for both worlds. For sweepable, exchange-style FX markets, such as Cboe FX, EBS Market and EBS Direct, we’ve implemented the TT ladder. For traditional full-amount OTC markets, we’ve introduced the industry-standard FX tile view.
This dual design means TT users can trade FX the way they want to—whether in ladders, tiles or both. And with tools such as Autospreader® and ADL®, TT’s signature functionality now extends into FX, enabling users to trade the basis between futures and cash more efficiently than ever before.
Understanding the FX Market
FX is the largest asset class in the world, with over $9 trillion traded daily according to the Bank for International Settlements (BIS). But it operates differently from exchange-traded markets. While futures is a lit exchange-traded market, OTC FX trades via bilateral counterparty relationships or a prime broker.
In FX, the liquidity on offer to you depends on how you trade. Market makers monitor how you interact with their prices. If your trading is deemed toxic, spreads will widen or skew and your access to liquidity will shrink.
As a result, education matters for firms coming into the market. TT works closely with clients to help them navigate FX liquidity responsibly, whether through passive quoting, respecting “full amount” etiquette, or structuring exchange for physical (EFP) trades in the accepted way. Our goal isn’t just to give access, it’s to help clients trade smarter and build relationships in a market built on trust.
Building Out FX and Beyond
We have launched our full OTC FX suite with spot, forwards, swaps and NDFs, streaming liquidity from the world’s leading providers. Traders get the same experience they expect from established FX platforms, but with the added efficiency of TT’s multi-asset platform.
And we’re not stopping with FX. Our roadmap includes extending TT’s OTC infrastructure into other asset classes. Banks are already approaching us to distribute OTC precious metals, base metals and OTC commodity blocks. These are markets that trade on similar technology stacks as FX.
Our model is simple: TT provides the technology and distribution, and our clients bring the liquidity. We are a technology provider—we are not trying to become a venue or a prime broker. We are here to connect capital markets securely and efficiently.
FX trading is a natural extension of the TT ecosystem. It brings exchange-traded and OTC products together on a single platform.
For traders, this means less complexity, more visibility and greater control. For firms, it means unified workflows, simpler integration and better data oversight. TT FX brings the market one step closer to a truly consolidated multi-asset environment.
To learn more about TT FX, contact us today.