Reactive Markets: bilateral FX and equities connectivity, workflows and Pulse analytics

Reactive Markets operates a technology network for disclosed, bilateral institutional trading. Switchboard connects a client to its liquidity relationships through common price-distribution and order-routing infrastructure. Its current focus spans FX, precious metals and cash equities, while Pulse adds execution analytics and liquidity feedback. Banks, investment firms, brokers, hedge funds and market makers can participate on the taking or distributing side of the network.[1][19][4]

The network model preserves a direct relationship between the trading firm and its liquidity provider. Reactive’s current material describes disclosed, bilateral trading and bespoke pricing. Its network count is more than 60 providers, including banks, electronic market makers and regional specialists. The practical coverage for an account follows its established relationships and enabled products.[2][19]

Workflow choice extends beyond accepting a streamed quote. The RFQ release describes uploads and order staging across API, desktop interface and mobile. Bank algorithms, fixings and orders are available from connected providers through the same connection. An institutional desk can therefore keep manual and systematic activity within a common connectivity layer while using the protocol relevant to each order.[13][12]

The public status page separates client and LP FIX connections, REST, WebSocket, colocation and post-trade services. It names LD4, NY4 and SG1 locations and separate private-link components for London, New York and Singapore. This gives operations teams a more specific service map than a single platform-availability indicator. It also lists FIX, Triana and Tradefeedr drop-copy routes, without publishing the entitlement or message scope of every route.[15]

The zero-taker-fee statement concerns Reactive’s network charge on that side of the service. It does not establish a zero spread, zero market impact or free credit and settlement from the external counterparty. Maker terms, any additional service entitlements and implementation commitments require commercial scoping; the public pages do not supply a complete all-in cost for a particular trading relationship.[2][3]

Implementation begins with the required relationships, products and access route. The public OpenAPI specification distinguishes LP Integration, Client Integration and Production environments. That documents separate integration endpoints; it does not establish a self-service account, an unrestricted trial or a guaranteed activation timetable. FIX specifications are obtained from support, while REST and WebSocket documentation is publicly available.[10][9][6]

The API documentation exposes ordinary operational failure conditions, including unauthorized access, invalid requests, rate-limit responses and temporary unavailability. Applications therefore need to distinguish a rejected request from a completed operation. The published material does not specify a universal throughput entitlement or retry policy; those cannot be inferred merely from the availability of a REST endpoint.[7]

Reactive publishes 24/7 support and separate regional contact numbers. Its developer documentation directs implementation issues and FIX specification requests to support, while the status service offers incident notifications and RSS/Atom feeds. The support pages do not provide a general severity matrix, resolution deadline or uptime credit schedule.[16][9][15]

The website is provided by Reactive Markets Limited and Reactive Markets Technologies Limited. Its legal notice identifies the latter as FCA-authorised under FRN 1040196; the indexed FCA record matches that name and number. The full current permission schedule was not retrievable, so this profile does not extend the claim to other group entities or assert specific activities beyond the inspected evidence. The terms restrict services to professional investors, eligible counterparties and market participants.[18][20]

For record retrieval, the published OpenAPI specifies a last 30 days window for the general orders and trades list endpoints. That is an endpoint lookback limit, not evidence that older records are deleted. Other resources cover reporting and audit data. The schema also exposes liquidity-disablement history and analytics-sharing permissions, making those administrative changes distinct from the trade record itself.[10]

Switchboard is the connectivity platform name. Pulse is the analytics offering unified under that name in September 2026. The current product scope includes both FX and bilateral cash equities, extending the network beyond its original FX focus.[5][19][18]

Operator

Reactive Markets Limited and Reactive Markets Technologies Limited

Service scope

Institutional bilateral price distribution and order routing for FX, precious metals and cash equities, with Switchboard connectivity, allocations and Pulse execution analytics. The network connects clients to their own liquidity relationships.

Customer types

Banks; Hedge funds; Institutional asset managers; Brokers; Corporate treasury teams; Electronic market makers; Regional liquidity providers; Systematic internalisers

Delivery

Hosted; API

Pricing publication

Public and quoted pricing

Platforms

Switchboard; Reactive Markets Pulse

Integrations

FIX; REST; WebSocket; Tradefeedr opt-in FX post-trade feed; MCP for client AI analytics tools

Pricing scope

FX and cash-equities product pages state no taker fees. Numeric maker/distribution charges and analytics or implementation tariffs are not disclosed; external counterparty trading costs remain separate.

Implementation

API, user-interface and mobile access are documented. Public OpenAPI identifies separate client and LP integration environments and production. REST/WebSocket keys use role and IP restrictions; current maker/taker FIX specifications are supplied by support.

Support

Published 24/7 support via [email protected] and regional telephone numbers. A component status page covers connectivity, colocation, mobile and post-trade services; no general numerical response SLA is public.

Permissions and regulatory scope

The corporate notice identifies Reactive Markets Technologies Limited as FCA-authorised, FRN 1040196; the indexed primary-register record matches its name and number. The full current permission schedule was not retrievable. Services are for professional investors, eligible counterparties and market participants; no permission is inferred for Reactive Markets Limited solely from the other entity’s status.

Provider metadata checked 21 Oct 2026Source 1Source 2Source 3Source 18Source 16Source 10Source 6Source 9Source 7Source 8Source 11Source 4Source 5Source 14Source 15Source 19Source 20

Reactive advertises less than 50 microseconds end-to-end technology latency and offers real-time latency reporting. That is a provider performance statement, not an independently measured fill time for every client, instrument or network path. Pulse’s own separation of spreads, rejects, fill ratios, market impact and latency is operationally useful: a fast connection and a satisfactory trading outcome are different measurements.[1][4]