Trading Technologies International (TT) has established a new foreign exchange business unit named TT FX.
TT FX becomes the latest expansion into a new asset class by TT, following its March acquisition of fixed income trading solutions provider AxeTrading.
Tomo Tokuyama has been appointed to manage TT FX with an initial focus on hiring FX industry product and technology experts, connectivity to major electonic communication networks (ECNs) and liquidity providers, alongside delivering advanced FX trading capabilities through TT’s execution management system (EMS).
Tokuyama joins TT from Los Angeles-based quantitative fund First Quadrant, where he served as head of trading.
Prior to that, he served at Goldman Sachs in Tokyo and Hong Kong, where he was a member of the macro asset sales team specialising in electronic FX.
“I have long believed that technology will continue to advance and shape the future of FX trading through greater focus on automation and data. I’m pleased to join a firm that not only shares that view but listens carefully to clients to deliver innovative tools and access to markets that traders and firms actually want,” said Tokuyama.
The new business unit will be implemented in phases, with an initial phase scheduled for late 2023, which will enable clients to trade spot FX through a variety of curated ECNs.
Early next year, TT will extend the offering to include liquidity from major banks, alongside the expansion of the product set to include forwards, non-deliverable forwards (NDFs) and swaps.
“TT FX will leverage the unparalleled global distribution capabilities of our platform, the award-winning functionality of our EMS and the widest possible choice of liquidity providers to deliver a truly best-in-class solution,” said Keith Todd, chief executive of TT.
“We are delighted to have Tomo on board to lead this initiative for TT. He brings a wealth of knowledge and expertise in this space from both the sell-side and buy-side perspectives.”