The FCM has transitioned from a legacy back-office system to a platform for cleared derivatives.
Advantage Futures, a Chicago-based futures commission merchant (FCM), has migrated to ION’s XTP cleared derivatives trade processing platform to achieve “extensive automation across clearing and settlement workflows,” officials say.
“After using the same post-trade technology platform for decades, Advantage Futures sought a flexible, modern solution that could provide extensive automation across clearing and settlement workflows,” according to the announcement.
XTP “will allow the firm to scale its business even further and create a more efficient, unified experience for clients with real-time visibility of positions, commissions, fees, margins, cash flows, and risk,” officials say.
“In the two decades since founding Advantage Futures, we’ve expanded from a small boutique to among the industry’s highest volume clearing firms serving some of the world’s high-volume traders,” says Joe Guinan, chairman and CEO of Advantage Futures, in a prepared statement.
“Having successfully completed the migration to ION’s XTP, we now deliver real-time data and automation capabilities, meeting client needs to process ever-growing trade volumes quickly and efficiently,” Guinan says.
“The transition from their legacy back-office solution to XTP was completed in record time, leveraging ION’s established methodology and tools developed to manage large and complex migration projects,” says Francesco Margini, chief product officer for cleared derivatives at ION Markets, in a prepared statement.
Advantage Futures has processed more than 5.3 billion contracts since its launch in 2003, officials say. The firm offers connectivity to exchanges and execution services for professional traders, institutional clients, exchange-traded funds, foreign and domestic non-clearing futures brokers, hedge funds, and individual traders. The firm processed over 325 million contracts in 2023.
ION offers solutions for trading, analytics, treasury, and risk management, serving clients in capital markets, commodities, and treasury management, officials say. The company also offers strategic consulting to financial institutions, central banks, governments, and corporate organizations.
Officials add that ION Markets serves financial institutions dealing in asset management, cleared derivatives, equities, fixed income, FX, and secured funding.
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