TransFicc, a UK-based startup founded by former LMAX executives to address fragmentation in fixed income markets, has secured €1 million in early stage investment from Illuminate Financial and Commerzbank fintech fund Main Incubator.
TransFicc offers a single API designed to provide a streamlined interface to multiple fixed income trading platforms, and cloud-based hosting to support microsecond timestamping of data and a full audit trail for best execution requirements.
TransFicc was founded by a former LMAX, Icap and Reuters executive, Steve Toland in 2016, in partnership with ex-LMAX software developers, Judd Gaddie and Tom McKee.
Both Illuminate Financial’s Mark Whitcroft and Main Incubator’s Christoph Osburg will become non-executive board directors.
Says Whitcroft: “The TransFicc team have clearly identified an opportunity to help banks and money managers trim trading connectivity costs, while building a more comprehensive picture of market liquidity, via a single API. As MIFID II continues to push bond trading towards more transparent electronic venues and pressure on ROE builds, tools that can deliver low-latency connectivity while simplifying the trading lifecycle will be well positioned for market growth.”