Trad-X Europe
Tradition's hybrid trading platform for OTC derivatives and other financial instruments.
Last updated September 1, 2026
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Overview
Trad-X is a regulated trading venue launched in 2011 that facilitates hybrid and fully-electronic order entry for OTC derivatives. It operates as a Multilateral Trading Facility (MTF) in the UK and EU-27, and as a SEF in the US. The platform provides dealer-to-dealer and dealer-to-client central limit order books for interest rate swaps.
History
Trad-X was launched in 2011 as a regulated trading venue. In the UK, it is operated as an MTF by Tradition (UK) Ltd and regulated by the FCA. In the EU-27, it is operated as an MTF by TSAF OTC and regulated by the AMF. In the US, it operates as a SEF. The platform was developed with major market makers and offers D2D and D2C CLOBs for interest rate swaps.
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