Aggregate and Distribute eFX Pricing at Scale

Banks consume pricing from multiple external and internal sources, each with different protocols, structures, update rates and operational characteristics. Bespoke point-to-point connections create complexity, slow the onboarding of new liquidity and make the wider platform harder to change.

RA Platform provides an interoperable messaging layer that allows banks to:

• Connect rapidly to new LPs and venues.
• Translate FIX and proprietary formats.
• Validate, filter, enrich and route price data.
• Identify stale, incomplete or anomalous updates.
• Feed normalised data into aggregation, order-book and pricing services.
• Distribute data to multiple downstream applications.

This reduces hard-coded integration while allowing pricing, distribution and analytics components to evolve independently.

A modern eFX franchise rarely distributes the same price or depth to every customer. Pricing may vary according to client segment, relationship tier, trade size, credit, trading behaviour, currency pair, liquidity conditions and the bank’s inventory or risk position.

Banks must therefore create and distribute granular price ladders comprising multiple liquidity rungs. Each rung represents an executable price for a defined trade size, with spread and available depth potentially tailored to an individual customer or segment.

RA Platform enables banks to apply highly configurable distribution rules across:

• Individual clients and customer segments.
• Relationship and service tiers.
• Currency pairs and instruments.
• Trade sizes and liquidity rungs.
• Price streams and liquidity pools.
• Regions, venues and distribution channels.
• Entitlements and session configurations.
• Customer-defined business rules.

The bank can determine precisely which prices, spreads, sizes and levels of market depth each customer receives. This enables highly granular service differentiation aligned with its client strategy, risk appetite and commercial objectives.

Not every client can process prices at the rate at which they are generated. Allowing obsolete updates to accumulate introduces latency and can undermine the quality of the service received.

Configurable slow-consumer and flow-control mechanisms allow banks to apply:

• Price conflation and throttling.
• Client-specific update frequencies.
• Queue and back-pressure controls.
• Session and workflow prioritisation.
• Automated alerts and exception handling.

These capabilities protect the wider platform while prioritising the delivery of current, actionable prices.

Orders returning through FIX or other channels must be associated with the price, liquidity rung, client and session that generated the trading decision.

RA Platform maintains identifiers and context across outbound and inbound flows, enabling banks to:

• Correlate orders with the relevant quote or price stream.
• Validate quote identity and price validity.
• Route orders to the correct execution and risk services.
• Capture complete message and event histories.
• Investigate rejects, latency issues and client disputes.
• Support execution analysis and regulatory audit requirements.

This provides the control and traceability required for high-volume institutional FX trading.

RA Monitor delivers consolidated insight across the complete price lifecycle—from upstream liquidity and internal pricing services to the quote received by the client and the resulting order.

Operations and trading teams can monitor:

• LP and client connectivity.
• Pricing and order flows.
• FIX session health.
• Latency and performance.
• Slow-consumer conditions.
• Workflow exceptions.
• Historical activity and message-level detail.

Real-time alerts and forensic message tracing help teams identify issues quickly, protect service quality and optimise platform performance.