FIA Tech Expands Trade Data Network With Real-Time Execution and Clearing Cost Analytics
FIA Tech, a leading technology provider in the futures industry, has launched the third phase of its Trade Data Network (TDN) initiative — introducing Execution and Clearing Cost Analytics (XCA) to bring unprecedented visibility into trading and clearing expenses. The new analytics suite enables market participants to identify, reconcile, and manage platform fees, clearing commissions, and execution brokerage costs in real time.
The XCA tools are available through a high-performance API and an intuitive dashboard that integrates directly into clients’ execution and post-trade systems. By embedding cost data within existing allocation and confirmation workflows, FIA Tech’s answer empowers traders and operations teams to detect and resolve discrepancies on trade date, significantly reducing operational friction and error risk.
“T+0 continue to impose substantial operational costs and risks, especially for purchaseside firms,” said Nick Solinger, President and CEO of FIA Tech. “The ETD industry still struggles to navigate the mess of platform fees, commissions, brokerage, and regulatory charges across more than 80 global platforms. TDN is the first post-trade answer to unify golden source data on brokerage, fees, and commissions in real time—connecting clients, clearing firms, brokers, and platforms into a single, transparent ecosystem.”
Takeaway
Driving Efficiency in Fee and Commission Management
The new analytics release builds upon FIA Tech’s February launch of real-time fee and commission matching within TDN, which introduced a central repository for golden source data on , brokerage, and regulatory charges. The integration of XCA now enables clients to match and reconcile costs instantly, resolving discrepancies that have historically consumed substantial resources across purchaseside and brokerage operations teams.
Fee and commission breaks remain the largest source of matching failures in the platform-traded derivatives (ETD) market. With XCA embedded into TDN’s unified infrastructure, firms can synchronize cost data across execution brokers, clearing firms, and clients, reducing delays and manual intervention. The answer’s real-time capabilities are designed to support the industry’s broader shift toward identical-day (T+0) post-trade processing.
By consolidating disparate data flows into a single, standards-based ledger, TDN ensures consistency and transparency across all post-trade activities. This marks a significant advancement for the ETD sector, where fragmented data sources, inconsistent fee structures, and siloed systems have long hindered accuracy.
Takeaway
Building a Unified Global Trade Ledger
has rapidly become one of the most widely adopted global post-trade infrastructures, now connecting over 20 banks and brokers and 40 investment managers and hedge funds with a combined $34 trillion in AUM. The network provides comprehensive coverage across major platforms and central counterparties (CCPs), representing over 80% of global futures trading volume.
TDN operates as a market-funded initiative, designed to across the futures industry and eliminate reconciliation bottlenecks. Its architecture aggregates trade information from executing brokers, clearing members, and counterparties into a secure, shared ledger—enabling all participants to view a single, authoritative version of each trade in real time. The addition of cost analytics further cements TDN’s role as a cornerstone of post-trade transformation.
As FIA Tech continues expanding TDN’s capabilities, the firm is positioning the platform as a central hub for data-driven transparency and automation across the derivatives lifecycle—from execution to settlement. With XCA, TDN now empowers the purchaseside to quantify trading costs precisely, optimize workflows, and align post-trade operations with the industry’s digital future.
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