FX options trading platform SpectrAxe and post-trade solutions provider OSTTRA have partnered to offer an “end-to-end service” to the FX options market. The pair reveal in a press release that the new solution combines SpectrAxe’s central limit order book (CLOB) for over-the-counter (OTC) FX options with OSTTRA’s post-trade network to cover the trading process from price discovery to execution, booking, and risk management.

SpectrAxe claims that the collaboration has enabled “seamless automation” of an entire trading process, cutting it down to “just one or two minutes”. Comparatively, the booking of trades would traditionally have taken “anywhere between several minutes and, in some cases, hours”

SpectrAxe claims that it is the “first and only electronic CLOB trading platform that facilitates all-to-all trading for OTC FX options”. Its users will now be able to “trade anonymously via their FX prime broker relationships on a lit marketplace, offering transparency into the liquidity available for bid/offer quotes for all trading participants”. This represents a move away from the “traditional reliance on voice- and chat-based execution, or single-dealer platforms”.

The connection with the OSTTRA FX trade processing network allows traders on SpectrAxe’s platform to “benefit from real-time trade notifications booked directly into their risk systems”, thus automating the post-trade FX workflow.