Transparent, exchange quality execution
TCM-Exchange is entirely focused in delivering a transparent, neutral, level playing field to all market
participants, including funds, banks, proprietary trading firms, brokerages and asset managers.
As the leading CYSEC regulated ECN for trading FX, metals, commodities and indices, TCM Liquidity operates a
central limit order book with streaming firm only liquidity, provided by top tier global financial
institutions.
TCM-Liquidity key facts
- Transparent, trusted and regulated trading environment
- No ‘last look’ rejections and anonymous execution
- Governed by public rulebook with all members treated equally
- Real-time, full order book market and trade data
- Robust, scalable ultra-low latency technology
- Credit intermediation available for eligible counterparties
- Bilateral clearing model
Exchange execution model
The exchange execution model is the most efficient and cost-effective way to trade very liquid products like
spot FX, metals and indices. Enabling transparency, precision and consistency in execution, the exchange model
delivers market participants full control over execution strategies and trading costs.
Industry leading, best technology
TCM-Technology, is constantly developing and looking for the latest solution, delivers superior connectivity,
ultra-low latency execution and real-time streaming market and trade data available to all participants –
regardless of status, size or activity levels.
Trading on TCM-Liquidity
One public rulebook applied to all members
No ‘last look’ streaming, limit order liquidity
Pre-trade price transparency
Zero cost of rejection
Price improvement as standard
Real-time, full order book streaming market and trade data
Global exchange infrastructure – NY4, LD4, TY3
Monitoring execution precision and low latency
- Precision time protocol achieves sub-microsecond clock accuracy through the network
- All orders time-stamped in microseconds at several points from order receipt, gateways, matching engine to
execution
- Dye traces run through the execution pathway every 10 milliseconds to monitor consistency of order
processing
Global liquidity for institutional trading
- TCM Exchange London (LD4): All-to-All trading
- TCM Interbank London (LD4): Bank-to-Bank trading
- TCM Exchange New York (NY4): All-to-All trading
- TCM Exchange Tokyo (TY3): All-to-All trading
Credit intermediation
- Leading global banks BNP Paribas and J.P. Morgan are working with TCM Exchange as credit intermediaries
Bilateral clearing model
- Access to TCM Exchange is available through multiple prime brokers. o BNP Paribas, Citibank, JP Morgan,
NatWest Markets, Standard
- Chartered, Société Générale