ExeQution launches Solas FX analytics platform

ExeQution Analytics has launched Solas, an FX analytics platform designed to combine trade, client, market and hedging data and deliver real‑time analysis of profitability, risk and venue performance for sales, trading and quant teams. The company says Solas links a firm’s internal data with feeds from venues, ECNs, clients and data providers to reveal where revenue and costs arise during the trading day.

The platform ingests multiple live feeds-FX desks commonly sit at the centre of 60 or more inputs-and cross‑references flows, execution and hedging to measure client and desk profitability once hedging, funding, brokerage and slippage are included. ExeQution says Solas can be deployed in as little as three months on a client’s data.

ExeQution built Solas on KX’s time‑series database to handle large, fast streams of market and execution data. The platform includes an AI assistant called Eolas that lets non‑technical users query live and historical data in plain language. The company describes Eolas as designed to reduce inaccurate answers and to produce concise briefings, for example ahead of client meetings, and to flag recent changes in flow or profitability.

The product aims to address common measurement problems on FX desks. A client that appears profitable in isolation can become costly after hedging and other costs are accounted for; some clients may offset risk elsewhere on the book. Solas is designed to identify which customers add or absorb risk, where profits sit within bid/offer spreads, and which venues are most effective for specific currency pairs and ticket sizes. The system also issues alerts when market or liquidity conditions change.

For quant and development teams, Solas offers tools for backtesting models, algorithms and strategies against a firm’s historical data without exposing live capital. The platform can show intra‑day patterns of profitability and indicate where liquidity is concentrated or absent.

Neil Rajgor, Director Europe at ExeQution Analytics, noted: “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.” Cat Turley, founder and CEO of ExeQution Analytics, added: “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.” Ashok Reddy, CEO of KX, commented that the integration with KX is intended to help trading teams link market events, client interactions and trading decisions as they happen.

ExeQution has published a paper titled “Fixing FX: how to illuminate the world’s biggest, darkest market” outlining best practice in FX analytics. The company launched in Australia in 2021 and has expanded to serve a global client base including hedge funds, sovereign wealth funds, proprietary trading firms, asset managers and brokers.