Interdealer Broker Trading Venue for Metals Futures Launches
Trading Technologies International, (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, and Mysteel Singapore Pte ltd (known as Mysteel Commodity Services), a leading commodities broker with a major focus on China, today announced they’ve partnered to launch an electronic liquidity pool to facilitate the matching of block futures for commodities products.
Mysteel will operate the venue, which will go live in Q4 2021 using a private matching solution developed by TT. This agreement also provides Mysteel’s clients, located both in China and internationally, with access to the TT® platform and use of TT’s suite of tools, including Autospreader®, ADL®, mobile trading, options and charting.
Initially, Mysteel will support trading in iron ore and steel, with plans to add other products in the future. Clients will be able to leverage access to the larger liquidity pool of the block futures markets while simultaneously accessing other listed markets, including China, to leverage arbitrage trading opportunities; for example, between iron ore futures on the Dalian Commodity Exchange (DCE) and Singapore Exchange (SGX) as well as steel and steel scrap products at London Metal Exchange (LME) and Chicago Mercantile Exchange (CME).
“This partnership between Mysteel and TT helps combine Chinese and international liquidity of a traditionally voice operated market into a more easily accessible structure, making it possible for us to offer our clients the ability to execute their trades electronically using TT’s market-leading technology,” said Myles Clement, CEO of Mysteel Commodity Services.
“Being chosen as the underlying technology and market access provider for Mysteel’s liquidity pool is a testament to the expanded capabilities of the TT platform. Mysteel’s solution will allow clients to access the larger block size volumes for commodities with the same set of advanced tools they use to trade the exchange order book. We expect this will be extremely appealing to serious commodity players,” said Mark Pottle, Regional Executive Sales Director, Trading Technologies.
With market connectivity that spans six continents, TT’s privately managed infrastructure delivers secure market access and superior performance from anywhere in the world. Designed specifically for professional traders, TT incorporates a broad array of customizable tools to accommodate trading strategies that range from manual point-and-click trading to single-digit microsecond automated order entry.
The initiative is central to the LME’s sustainability agenda.
Electronic trading during the pandemic has led to high volumes and more participants.
MiFID II has not increased the share of trading volume executed on-venue.
Hemp industry lacks the pricing data found in more established commodity markets.
Halting the 'disorder creep' commonly found on global trading IT estates.