ExeQution Analytics has launched Solas, an analytics platform designed to combine an FX firm’s trade, client, market and hedging data and show where the business is generating or losing money.
The launch extends the company’s bespoke analytics framework into foreign exchange after ExeQution Analytics expanded from Sydney into London and Belfast earlier this year. The firm said Solas can be configured around a client’s existing data and delivered in as little as three months.
The central problem addressed by the platform is that client-level trading revenue does not necessarily show the economic value of a relationship. A client may appear profitable before hedging, brokerage, funding and execution costs are included, while flow from another client may help offset risk elsewhere on the book.
Client Revenue Is Only Part of the Profitability Calculation
ExeQution Analytics said an FX desk may receive 60 or more separate data feeds from clients, venues, electronic communication networks, market-data providers and other participants. Assessing each source independently, and then combining it with the rest of the firm’s trading activity, can require substantial data and engineering resources.
Solas is intended to bring those sources into one analytical environment. Sales teams can use it to assess which clients add risk, which help reduce it and whether the revenue from a relationship still produces a profit after the full cost of servicing the flow is included.
Neil Rajgor, Director Europe at ExeQution Analytics, said: “FX may be the world’s largest market, but analysing it well is uniquely difficult, you have to stitch together enormous data volumes, client interactions and moving trading dynamics such as algo execution, hedging flows and internalisation.”
The platform’s trading tools examine where and when a firm earns money as a risk taker or market maker. This includes periods when profitability rises or falls, the portion captured inside the bid and offer spread and the effect of hedging decisions on the book.
Solas Compares Venues, Trade Sizes and Currency Pairs
Solas also analyses which venues perform best for particular currency pairs and trade sizes. ExeQution Analytics said the system can identify changes in liquidity conditions and send alerts when relevant market or execution metrics move.
For quantitative and development teams, the platform provides an environment for testing new models, algorithms and strategies against historical data before deployment. This allows firms to estimate the effect of a change without introducing it directly into a live trading system.
The approach builds on the company’s existing work in market microstructure, transaction-cost analysis and algorithmic execution. Its infrastructure is developed using q and KX technology, which is designed to process large volumes of streaming and historical time-series data. KX technology is also being used to connect real-time computation with broader institutional data feeds, including the ICE Consolidated Feed.
Cat Turley, Founder and CEO of ExeQution Analytics, said: “In FX, data is abundant – the value is in the insight: understanding what’s happening in real time, acting as fast as the market moves, and feeding every interaction back into a richer historical picture that makes the next decision sharper still.”
Eolas Adds Natural-Language Access to Trading Data
ExeQution Analytics has paired Solas with Eolas, its agentic AI assistant for trading teams. The tool allows users to ask questions about a firm’s data in plain language, including requests for a client’s recent activity, changes in flow and profitability ahead of a sales meeting.
The company describes Eolas as resistant to hallucinations because the assistant converts requests into structured queries against controlled market and proprietary datasets. That architecture can restrict where answers are sourced, although the accuracy of an output will still depend on the quality, completeness and configuration of the underlying data.
Ashok Reddy, CEO of KX, said: “In FX, competitive advantage increasingly comes from understanding the relationship between every market event, client interaction and trading decision as it happens.”
He added: “ExeQution Analytics has built Solas on KX to turn that complexity into something trading teams can use: a clearer understanding of performance, risk and where the next opportunity lies.”
Delivery Still Depends on Each Firm’s Data
ExeQution Analytics said Solas can be delivered within three months, but the company did not disclose pricing or identify a standard deployment model. As a bespoke system built around each client’s data, implementation will depend on feed availability, data quality, historical coverage and integration with existing execution and risk systems.
The company has published a separate paper titled Fixing FX: How to Illuminate the World’s Biggest, Darkest Market, setting out its approach to FX analytics. The commercial test for Solas will be whether firms can turn that combined view into measurable improvements in client pricing, hedging costs, venue selection and trading performance.
