TraderTools: PriceOn, liquidity aggregation and dealer controls

TraderTools sells infrastructure for the dealing desk: sourcing prices, distributing a firm’s own prices, handling orders and controlling the treatment of customer flow. Its Unique Liquidity Network connects relationship-based liquidity, while PriceOn adds market-making and inventory-management tools. The relevant buyer is a bank or brokerage operating its own FX business. The software purchase and the commercial relationships with trading counterparties are separate parts of that operating model.[1]

The supplier’s LiquidityFinder listing names three standalone PriceOn components: MarketRECON, MarketSENTRY and MarketMAKER. Purchases require specified component entitlements.[10]

Aggregation supports market, limit and stop orders, GTC/IOC/AON instructions and synthetic crosses. The GUI provides VWAP views, order/execution blotters and saved profiles. The SOR executes orders when configured rules match quotes.[2]

The homepage describes both GUI and API order entry, monitoring against relationship prices and a follow-the-sun workflow. These address different interfaces to the same dealing process. The public description does not specify FIX versions, replay/recovery rules or the exact certification work required for a particular external platform.[1]

TraderTools’ answers to an original supplier questionnaire describe rule and parameter changes through the GUI, XLS/CSV imports and a JSON API. This is configuration access, alongside the separate order-entry interfaces.[12]

An April 2013 release documented LightFX sending real-time execution notices through MarkitSERV’s TradeSTP. That historical post-trade connection is distinct from today’s contracted connector versions.[16]

The offer should identify modules, counterparties, hosting, integration, support and charging units.[3]

TraderTools describes the full platform as hosted SaaS.[2]

Its September 2022 PriceOn explanation offers in-house quants and analysts to customise the algorithmic setup to the customer’s flow. That is a relevant distinction from simply obtaining a feed: flow segmentation, inventory tolerances and hedge timing shape the configuration.[4]

In an original LiquidityFinder interview, Yaacov Heidingsfeld describes connecting a new customer into TraderTools’ infrastructure so it can access existing counterparties. He reports more than 150 cross-connected counterparties in that interview. This describes the supplier’s network and onboarding approach; it does not grant a new customer every counterparty’s credit or execution agreement.[13]

The June 2022 deployment report says dealers can use PriceOn without programming or quantitative skills. That statement concerns operating the configured toolkit. It should not be read as eliminating the integration, approval and acceptance work for a new brokerage deployment.[6]

The reviewed materials did not establish export formats, retrieval periods or deletion timetables for orders, records and configuration; downstream trade posting does not settle exit rights.[2]

TraderTools publishes separate sales and customer-support routes. Its About page identifies an operations function managing regional-bank and FX-broker relationships, alongside R&D work on connectors, monitoring and order flow. The public contacts supply no incident response clock or restoration SLA; these belong in the contracted service scope.[7]

In the supplier questionnaire, TraderTools describes implementation, training and continuing quantitative assistance, with 24/7 voice and email coverage. That published response supplies no incident-resolution clock.[12]

The service covered here is trading technology supplied by TraderTools Inc. A pricing engine, liquidity network or white-label interface is not itself evidence that this vendor is the principal on a broker’s trades. The relevant broker, liquidity provider and any prime intermediary must be identified in the execution and credit agreements.[7]

The April 2011 LightFX launch announcement assigned the prime relationship to Citi’s Prime Finance. It documents a historical counterparty arrangement, not a current PriceOn credit entitlement.[15]

In the broker’s own June 2024 announcement, ATFX describes PriceOn as AI-based and algorithmic technology for managing institutional and retail flow. The stated goal is interaction between those flows. That claim concerns pricing and dealing technology; it is not evidence of a general-purpose AI assistant receiving unrestricted authority over brokerage administration or customer accounts.[14]

The official site identifies TraderTools Inc. and lists New York, London and Raanana locations, with the Israeli office described as its R&D centre. The published New York business address is 1325 Avenue of the Americas, New York, NY 10019.[7]

Edison Partners’ own portfolio page records an investment in TraderTools in 2008 and describes its liquidity-management software for financial institutions.[9]

Operator

TraderTools Inc.

Service scope

FX pricing, aggregation, order handling and PriceOn market-making tools for institutional dealing desks.

Customer types

Banks; FX brokers

Delivery

SaaS; API

Pricing publication

Quote only

Headquarters

New York, United States (published principal business address)

Platforms

PriceOn; Unique Liquidity Network

Pricing scope

Current broker offer is enquiry-based; a historical supplier questionnaire gives volume fees and a delayed monthly minimum.

Implementation

Standalone PriceOn or hosted suite; agree customisation and network connections.

Support

Published sales and customer-support email/telephone routes; incident commitments are contract-specific.

Permissions and regulatory scope

Technology supply. Execution, liquidity and prime-credit counterparties require their own agreements; no financial permission is inferred from the network.

Provider metadata checked 20 Oct 2026Source 9Source 7Source 8Source 1Source 4Source 5Source 2Source 3Source 12Source 10Source 15

PriceOn permits different treatment by client, currency pair, trade size and time of day. A-book and B-book choices can therefore vary across the brokerage, with tailored feeds and hedging along those dimensions.[3]

The company’s September 2022 explanation describes a specific passive-hedging mechanism: inventory drives bids and offers back into the market, while the timing of hedges is adjusted to the type of flow. It also separates spread capture, overnight financing and market-movement P&L when analysing a book. That separation provides a more useful basis for discussing configuration than treating every change in broker revenue as an improvement in execution.[4]

Heidingsfeld’s published interview gives a related rule for inventory decisions: internalise a trade when it fits the firm’s risk window, and avoid retaining that risk otherwise. He discusses assessing individual currency pairs and trading windows. The practical control question is therefore which configured window permits exposure to remain, who may change it and how the resulting decisions are recorded.[13]

The April 2022 launch also described strategies using anonymous venues for large-trade market-making and selecting network counterparties whose flow complements the customer book. These are possible operating choices within the toolkit. The agreed implementation should identify the instruments, counterparties and authority attached to each strategy.[5]