Best FX aggregator: oneZero

FX Markets Asia FX Awards Winner logo-BB8

In addition to expanding its network and achieving strong revenue growth, oneZero hit an impressive stride in 2022 by processing 9 trillion quotes on average per month

oneZero’s systems process tens of millions of trades and billions of quote messages every day for its clients, and ensures their price distribution and trading systems perform well over the spectrum of market conditions. The company has achieved this through the development of leading modular multi-asset trading technology solutions for the buy and sell sides. These are designed for advanced price formation, distribution, market risk management, quantitative trading, credit and behavioural risk management, and related analytics. 

With an Asia‑Pacific (Apac) presence based around its regional headquarters in Sydney, oneZero’s achievements in FX aggregation across the region have been underlined by its winning the Best FX aggregator award at the FX Markets Asia FX Awards 2023.  

oneZero is a market-neutral technology provider that puts clients in full control of how their risk and orders are managed, unlike a marketplace or venue. The company’s clients build their businesses around oneZero’s leading modular trading technology solutions for price formation, distribution, risk management and quantitative trading analytics. Within oneZero’s products and systems, full time-series quotes, trades and configuration information are recorded and analysed either by clients or directly through Data Source DNA, by third-party data analysis partner vendors or through oneZero’s own Data Source Insights products.

These products allow results to be made available to clients out of the box, along with corresponding recommendations on how to configure their Institutional Hubs to achieve their franchise objectives. The Insights products’ analytics can then be used to create bespoke pricing functions for oneZero’s clients’ own customers. This allows these customers to segment customer flows, deploy appropriate risk management and hedging strategies, and build suitable liquidity pools for externalised hedges. 

Key elements of the full oneZero trading solution are the Hub, EcoSystem and Data Source. Hubs are robust software‑as‑a‑service price and risk management systems that include customisable real-time pricing, market risk management, credit management and trading.

Hubs also aggregate custom-tailored streams from over-the-counter liquidity providers and market data from listed venues across asset classes. This allows the construction of purpose-built liquidity pools that are unique for pricing and market risk management. This pricing is precisely tailored for each customer segment. oneZero’s clients can also use the programmable algorithmic pricing and risk management modules to run their own algorithms within their Hub.

In parallel with this, oneZero’s EcoSystem is used for market access, in which buy- and sell-side firms come together to consume and distribute multi-asset class liquidity. Interfaces and connectivity are provided via a secure, ultra-low latency network to key partners. Meanwhile, Data Source is a cloud-based business intelligence toolkit that unlocks oneZero’s clients’ trade, quote and quote-derivative data. That data can be transformed into advanced analytics that facilitate relationships between consumers and providers of liquidity. The data is then fed back into the system, ensuring optimum performance by the Hub. 

Underlying all the company’s products, systems and services is a client service capability focused on providing excellence. oneZero’s global operations team provides client support 24/7, with follow-the-sun coverage in Apac, Europe and the US. Additionally, oneZero is certified to the ISO 27001 standard of information security management systems. To further support these initiatives, Stephen Totten was appointed director of quantitative analysis, responsible for further advancing oneZero’s heavy investments in analytics, focusing on solutions for institutional brokers, regional banks, asset managers, proprietary trading firms and its EcoSystem liquidity partners. 

This combination of factors has seen oneZero’s revenue grow 107% from 2019 to 2022. Over the same period, the company invested in the continued growth of the business, increasing its headcount by 56%. oneZero’s daily processed quotes and trades have also increased, with more than 9 trillion quotes processed on average each month in 2022. Additionally, oneZero has significantly expanded its vast network of liquidity providers and venues within the oneZero EcoSystem, recently announcing the additions of Cboe FX and State Street. Following on from this, the company is looking to ensure that data insights remain at the forefront of its activities.

“It is clear that oneZero has become the leading trading system in terms of advanced feature deployment,” says Jamie Scott, head of electronic trading and execution, Apac, Invast Global. “Its development cycle is extremely impressive, and this has resulted in the ability for their clients to be front-of-market when it comes to price creation and distribution, as well as liquidity and risk management.”

He tells FX Markets: “The analytics and access to data on the platform are also a key part of oneZero’s offering, which allows for a deeper knowledge of client trading behaviour and liquidity performance.

“Ultimately, this leads to a more transparent environment, and has resulted in better outcomes for all counterparties.” 

oneZero was named Best FX aggregator at the FX Markets Asia FX Awards 2023.

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