ExeQution Analytics launched Solas on Tuesday, a specialized analytics platform designed to help foreign exchange desks measure true client profitability after accounting for hedging and execution costs. With daily FX turnover hitting 9.6 trillion dollars in April 2025 according to the Bank for International Settlements, trading firms struggle to reconcile client activity across dozens of separate data feeds from venues, ECNs and providers. Solas consolidates trade, client, market and hedging data to reveal whether seemingly profitable clients actually drain resources once hedging expenses are factored in. The service can deploy in as little as three months and runs on KX technology using the q programming language. Sales teams can compare client relationships by true servicing costs, while traders gain visibility into profit sources including market making and bid-offer spreads. The platform also benchmarks venues by currency pair and trade size, sends real-time alerts on market shifts, and allows quant teams to backtest strategies before production deployment. No customers or pricing details were disclosed.
FXnCO Insight
FX desks should reassess client tiering immediately, as hidden hedging costs may be eroding margins on relationships that appear profitable in isolation.
Source: Finance Magnates