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

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