TradeXchange in Westport: Useful data fast for traders
Published 11:31 am, Thursday, July 24, 2014
Two financial-services professionals in Westport have introduced a news and information service that aims to give traders condensed reports they can act on immediately.
The web-based service -- The TradeXchange -- was launched this month from compact quarters on Post Road East and is targeting professional traders, hedge fund managers, institutional traders, advisors and individual investors.
Partners George Avidon and Milton Marmanides both have supervised trading desks and worked in analytics. Together, they have 30 years experience in financial services.
Many traders sort through massive amounts of information that can be overwhelming and confusing, the partners said, while TradeXchange cuts through minutia and provides information that is easy to read and use.
"We're able to provide information that is actionable, information an investor can use to decide quickly whether to buy," Avidon said in an interview. "We filter through minutia to provide our subscribers information that they can act on in real time."
TradeXchange currently has about 80 subscribers who participated in beta testing of the service and its web portal, Avidon said. They include professional traders, hedge fund managers, institutional traders and others.
The portal is accessible from computers, tablets and mobile devices.
Avidon, Marmanides and a few interns from Fairfield University's Dolan School of business work in a 450-square-foot suite at 1720 Post Road East, a two-building office complex populated largely by hedge funds.
TradeXchange also draws input from seven consultants who are part of its parent company, Marmadon Holdings LLC.
From its modest beginnings, the company's goal is to have a global customer base and 75 employees in a year, Avidon said.
Its biggest challenge he said, is "getting our name out there" and having investors check out the service and find value. Marketing plans include using social media, cold calls and referrals.
While it has concentrated so far on professional investors, the company is working out pricing that would allow it to pursue individual investors.
Avidon, 41, has a bachelor's degree in economics from the University of Connecticut and a masters of engineering technology management from the University of Bridgeport. He managed trading desks in New Jersey and Connecticut, and most recently managed the portfolios of high-net-worth clients of First Niagara Investment Services/HSBC Securities.
Marmanides, 34, studied business and finance at UConn and was a technical and fundamental analyst for Imperial Investments LLC for eight years. He also worked as a trader before beginning development of TradeXchange.
For more information about the TradeXchange, visit www.thetradexchange.com.