Modernizing Trading Analytics for a Multi-Asset World
Across asset classes within capital markets, the demands on trading and analytics platforms are becoming more complex by the day. In today’s markets, traders want broad asset coverage, cleaner data, faster insights and analytics that reflect the complexity of modern market structure. With the rebrand of Abel Noser Solutions to Trading Technologies now complete, our focus is to build technology that scales with how firms actually transact and anticipates where markets are heading.
That includes everything from modernizing data infrastructure to expanding pre-trade and post-trade analytics across asset classes. For TT TCA, we will leverage new technology to build analytics that meet the demands of global, round-the-clock, multi-asset trading.
A Unified TT Brand
I joined TT when the company acquired Abel Noser Solutions in 2023, and now I head up our data and analytics business. With Abel Noser’s analytics now part of the TT platform, it made sense to sunset that storied brand and fully rebrand to Trading Technologies. This reflects what clients already experience in practice—one brand that offers a single “multi-X” platform where “X” represents asset classes, functions, workflows and jurisdictions.
Our vision is to offer consistent workflows across execution, analytics and risk, whether you’re trading equities, listed derivatives, FX or fixed income. Across the market, firms—particularly on the buy side—are breaking down silos between asset classes and operating multi-asset trading desks.
This shift needs to be reflected in their TCA oversight and other data analytics as much as it does in execution and post-trade workflows. Firms today increasingly want one view of performance across portfolios, strategies and markets, and Abel Noser Solutions now operating within the TT infrastructure, aligns with that demand.
Building in the Cloud
One of our biggest priorities is migrating our TCA platform to a cloud-native architecture. TT was an early adopter of the cloud, and that belief in the transformative power of cloud hosting has been more than repaid by recent advances in technology.
Across the company, we are creating a single, secure, firm-wide data repository that improves governance, scalability and delivery. The cloud allows our customers to manage massive datasets more efficiently.
It also ensures that they can run everything from advanced analytics to AI-driven tools efficiently. Alongside this work, we are rolling out a new user interface designed to make analytics easier to navigate and faster to act on.
Practical AI Deployment
AI is transforming data and analytics and is already a key element of what we do at TT. Our focus, though, is always on deploying real use cases that solve problems rather than following the hype.
Within our data and analytics business, we will soon deploy a secure, client-specific chatbot designed to handle common product questions and support queries. Over time, that will expand into deeper data exploration, allowing users to ask questions to determine things like who their top brokers were last quarter, how execution quality differed between venues, and what impact instances of heightened volatility had on costs and execution quality.
We will continue to build out AI functionality. However, we will always maintain an emphasis on secure, controlled access that helps traders, portfolio managers and compliance teams get accurate answers quickly.
Bringing Pre-Trade Insight to Fixed Income
Pre-trade analytics have long been a feature in equities. Today, we are extending that capability into fixed income, a market where pricing transparency and cost prediction remain difficult.
A key challenge in fixed income is scale. Unlike equities or futures, fixed income involves hundreds of thousands of instruments, many of which trade infrequently and often with limited transparency. Fixed income covers a range of complex products from bank loans to structured credit and credit default swaps (CDSs). This presents a significant data challenge.
TT’s fixed income pre-trade tools are designed to help clients estimate transaction costs more accurately, improve price discovery and compare execution approaches before trading. For firms navigating fragmented liquidity and opaque pricing in fixed income markets, our development in this area will add clarity and transparency that has traditionally been extremely difficult to achieve.
Equity Markets Move to Round-the-Clock Trading
We are also continuing to build and innovate within equity markets. In February, I attended the WBR Equities Leaders Summit in Miami. One of the key themes discussed at the event was the move toward extended and near-continuous equity trading.
U.S. equity markets will move to 23-5 trading within the next year. This brings numerous challenges for execution and TCA, including wider spreads, higher execution costs and lower liquidity outside core hours.
TT is already preparing for this shift by adapting benchmarking models to reflect time-of-day liquidity conditions. Rather than apply one standard benchmark to every trade, our TCA analytics will distinguish between core trading hours and off-hours activity. This gives clients a fairer, more accurate view of performance.
As Abel Noser Solutions has rebranded to Trading Technologies, our data and analytics roadmap is built around a simple goal: developing software for where the market is moving. This means cloud-native data infrastructure, multi-asset pre-trade and post-trade insight, practical AI tools and consistency across asset classes.
To find out more about how TT can enhance your data and analytics across asset classes, contact your TT representative.