Critical to the delivery of trading systems, from both a trading firm and execution venue perspective is connectivity. Trayport has long focussed on making connectivity - often the most complex part of the delivery of trading systems - a simpler and more streamlined process.
The majority of connectivity provided by similar players to ourselves in other asset classes is focussed around delivering connectivity to the top 3-4 exchanges in that asset class, often ignoring OTC as well as smaller more "niche" exchanges. Trayport strongly believe that a robust easy to access OTC market, along with the ability to access smaller more "niche" markets is very important to the commodities marketplace. In other markets the "vendor builds the access model" has led to platforms with limited access and unreasonable costs placed on users for access to "niche" markets. Trayport's model is the reverse. We provide multiple methods for delivering connectivity to Trayport's Trading Gateway platform, the most used platform in commodities - this focuses the technical implementation on a relationship between the exchange and Trayport delivering this additional access at the lowest cost possible to the market, making it an effective way for a "niche" player to quickly achieve distribution of prices to the marketplace.
Exchange listed contracts – GlobalVision Exchange Trading SystemSM
Trayport's Exchange Trading System is our full service exchange matching engine, currently deployed at more than 20 exchanges including commodities and national stock exchanges. It allows access to a large pool of Trading Gateway clients along with the benefits of the integrated matching engine. As the quickest most convenient way to get access to commodities trading houses, it should be the default choice for all freight, commodities and energy related exchanges setting up or looking to migrate to a new platform. FIX API is also available.
OTC Markets – GlobalVision Broker Trading SystemSM
This is Trayport's original product with a full suite of tools to support the OTC market, whether bilateral or cleared, voice, electronic or hybrid. With out-of-the-box distribution to the network Broker Trading System is the premier off-the-shelf OTC matching engine. For any broker launching a product in commodities Trayport's platform makes the most sense, with the built in distribution network, and the long record of stability, no others are close.
Exchange Access -- GlobalVision PortalSM
GlobalVision Portal is Trayport's alternative connectivity option for Exchange customers. It acts as a point of entry for customers using Trading Gateway to reach exchanges that don't currently operate Exchange Trading System. Set up at the Exchange (or in any other suitable facility owned by the exchange), it allows the Exchange to write and own their own convertor to Trayport, without having to install any hardware or software with the trading firms. Once in place it gives an instantly broader available marketplace with little or no barriers for customer use. GlobalVision Portal does require some maintenance and integration work, so where it is an option we would recommend Exchange Trading System, however, for those groups forced into selection of other matching engines it provides a convenient way to scale.
Extending Trading Gateway access
If you're looking to extend the access available to your Trading Company, call your Exchange and ask if they either operate a Trayport matching engine or are GlobalVision Portal enabled. If they aren't, ask them to.
Clearing House connectivity
Trayport provides clearing interfaces to Clearing houses or Exchanges for clearing. These allow the clearing house to then allow STP from Inter Dealer Brokers. These links are usually built and maintained by Trayport under contract from a clearing house, and are then provided to brokers to allow the routing of orders post-trade.