Sabine Alvarez, executive director, content, vwd group, says: “Data quality was one of our top priorities in choosing a provider. We selected Tenforex because of its sheer breadth of contributors and its ability to provide accurate rates within the market range. Tenfore was also able to accommodate our bespoke requirements and provide flexible commercials to fit our business.”
vwd group signed the deal with Tenfore in March 2007. Using Tenfore’s Broadcast Application Programming Interface (API), the company integrated Tenforex into its terminal and web-based applications before going live in July 2007. vwd group now delivers Tenfore’s FX rates via a standard package containing 17 major cross rates, and through its advanced package containing all available Tenfore cross rates including exotic currency pairs.
Tenfore continually filters and monitors its Tenforex feed to ensure the accuracy and timeliness of prices, as well as offering its Average Best Bid Ask (ABBA) service, providing a unique consolidated view of the FX market. Tenfore’s global network of ticker plants has allowed local delivery of the service from its Frankfurt ticker plant to dedicated servers at vwd’s Frankfurt offices via dual leased lines, removing any unnecessary communications latency.
Contributors to Tenforex include FX portals such as HotSpot FX and Saxo Bank, leading industry specialists such as Tullett Prebon and Rada Forex, and investment banks such as Dresdner and UBS. This variety of contributors allows Tenfore to deliver a high rate of updates and on-the-market spreads across all the leading currency pairs on a 24x7 basis. As a result, Tenforex is not dependent upon any single market source to provide the majority of updates, and if a major pricing source becomes unavailable, Tenforex will still deliver.
The broadcast API provides a high-level easy-to-use development environment for applications that need to access Tenfore’s streaming ‘raw’ data feed. Tenfore’s APIs offer quick and easy integration of its data into third party applications and for the contribution of client data through the Tenfore network. They are designed to accommodate differing client requirements and constraints including environment, data usage and development resources.
Gordon Bloor, CEO, Tenfore, says: “Delivering real-time FX feeds is a major part of our heritage and today we’re one of the few providers who can truly deliver accurate currency spreads. That vwd has selected Tenforex is a notable endorsement of this offering and the company now joins the likes of Thomson Financial, Financial Express and XE.com in our growing list of FX clients.”