Reactive Markets raises Series A to expand bilateral FX and equities network

Reactive Markets announced a Series A investment led by 13books on 16 October, funding expansion into new markets and further platform development. The company did not disclose the amount or valuation. Its existing cash-equities service gives the expansion a base beyond the FX network on which the business was built.[1]

The TRADE’s reporting put the network at almost 100 institutional clients and daily FX volumes above US$80 billion. Those figures describe the operating platform; the report did not specify an averaging period for the volume number.[2]

Reactive says its network includes more than 60 market makers, spanning major banks, electronic liquidity providers and regional specialists. It has offices in London, New York and Singapore.[1]

One connection, bespoke dealer prices

The FX service brings together bespoke quotes from a client’s liquidity providers. Its published range covers spot, forwards, non-deliverable forwards, swaps and non-deliverable swaps, with streaming, request-for-quote and algorithmic protocols. Providers can distribute prices to their direct clients through one connection, while retaining flexibility over individual pricing sessions. The operating proposition is shared connectivity around bilateral relationships.[3]

Cash equities use a similar model. Reactive offers access to US, UK, EU and Swiss shares through direct APIs and existing execution-management-system integrations. Its provider service targets systematic internalisers and single-dealer platforms. Published options include bespoke quotes, midpoint liquidity and European or US best-bid-and-offer pricing references, giving clients another route to dealer liquidity alongside their existing execution workflows.[4]

The published FX and equities offerings both exclude platform taker fees. That removes one explicit charge to the party accepting liquidity. The price quoted by a dealer remains part of the trade’s economics, so the relevant comparison still includes execution price as well as the platform fee.[3][4]

Management says the new capital will support reliability, scalability, security and automation as the network expands. The funding is directed at developing an established service: equities connectivity and the existing market-maker network were already in place when the round was announced.[1]

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