ExeQution Analytics launched Solas today (Tuesday), a custom analytics service for foreign exchange desks. The company says deployment can take as little as three months.
Global foreign exchange turnover reached $9.6 trillion per day in April 2025, according to the Bank for International Settlements. That volume leaves trading firms to reconcile client activity, market data and hedging records across separate systems.
ExeQution says Solas is designed to calculate whether client flow remains profitable after hedging, trading slippage, brokerage and funding costs. No Solas customer was named. The company also did not disclose pricing, contract values or measured performance improvements.
Client Flow Meets the Cost of Hedging
The service combines trade, client, market and hedging data from a firm’s own systems. ExeQution says an FX desk may draw from 60 or more feeds supplied by venues, electronic communication networks, clients and data providers.
The company says a client that appears profitable in isolation may become costly once the desk accounts for hedging. Another relationship may help reduce risk elsewhere even when its direct margin appears smaller.
Sales teams can use the output to compare client relationships after servicing and hedging costs. For traders, the tools break down when the desk earned money through risk taking, market making or the bid-offer spread.
Solas also compares venues by trade size and currency pair and can send alerts when market conditions change. Quantitative and development teams can test models, algorithms and trading strategies against historical data before putting them into production.
Neil Rajgor, ExeQution’s Europe director, described this as “the gap we designed Solas to fill.”
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The three-month implementation period is ExeQution’s estimate. FinanceMagnates.com could not independently test Solas or verify that timeline.
KX Framework Gets an FX-Specific Package
Solas runs on KX technology. FinanceMagnates.com covered the companies’ analytics partnership in 2023, when they introduced a framework written in the q programming language for processing large trading datasets.
That earlier offering covered trading analytics across asset classes. The latest release packages similar data processing around FX-specific questions, including internalization, client profitability and the cost of hedging a customer’s flow.
ExeQution has paired Solas with Eolas, its natural-language assistant for trading teams. The company says Eolas lets salespeople and traders query approved data functions without writing code, such as requesting an updated picture of a client’s activity before a meeting.
A March profile by A-Team Insight said Eolas translates natural-language requests into structured calls against approved functions and client data.
The report described ExeQution’s wider model as consultancy work tailored to each customer. Clients maintain their own relationship with KX.
ExeQution calls Eolas resistant to fabricated responses because the assistant queries controlled functions instead of producing calculations itself. FinanceMagnates.com has not independently tested that assertion.
FX Analytics Vendors Take Different Routes
Other providers have concentrated on shared data networks and standardized interfaces. Tradefeedr built its business around pre-trade and post-trade FX analytics before starting a year-long multi-asset pilot with BMLL in March.
Tradefeedr said its network connected more than 100 institutional clients, including banks, asset managers and trading platforms. ExeQution says it builds Solas around each customer’s own data and workflows.
ExeQution was founded in Australia in 2021. Its broader analytics framework has been used by Polymer Capital, according to a company announcement in May, although Polymer was not identified as a Solas customer.
The company opened offices in London and Belfast in May to support clients in Europe and the United States. ExeQution said at the time that the expansion took its global team to 20 people, including six analytics specialists in Europe.
Its wider client base includes hedge funds, sovereign wealth funds, proprietary trading firms, asset managers and brokers, according to ExeQution.
This article was written by Damian Chmiel at www.financemagnates.com.Institutional FXRead More
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