Products

• Spot FX, Forwards, NDFs, Vanilla Options, Exotic Options out to 2yr Exotic Options
• Diverse range of client sectors
• Unrivalled Prime Broker connectivity across multiple FXPB’s
• Executed trades are cleared anonymously through our FX Prime Brokers
• Extensive global liquidity provision
• Sales and Execution staff covering all time zones

Drax is a world leading execution agent in Cleared Interest Rate Derivatives providing market pricing across 27 currencies.

• Forward Starting & Spot IRS, Tenor Basis, Forward Rate Agreement’s (FRA), OIS (Overnight Index Swaps), Inflation Swaps and Fixings in HICP RPI & CPI
• Government, Corporate and SSA’s Cash Bonds
• Drax has the ability to access the US Government Bond markets utilizing both a foreign broker exemption and US Broker Dealer for Securities products
• Our mainstay liquidity offering combines price aggregation across over 100 banks for those seeking active price discovery or outsourced execution.
• Having pioneered the provision of peer-peer pricing with Buyside able to offset risk anonymously away from traditional interbank channels.
• Provision of Axe aggregation & Trade idea generation providing a best execution platform with anonymous risk intermediation across both G10 and Emerging Market Currencies
• Clearing Exchanges include LCH, CME, EUREX & JSCC

• Global Exchange connectivity across all exchange traded listed markets.
• Our execution teams operate a ‘follow-the-sun’ model providing global coverage across all our locations.
• We provide specialist coverage / trade idea generation in both futures and complex options contracts across fixed income, equities, commodities and currency asset classes.
• As well as the traditional voice coverage, we support a vendor-neutral care order facility where clients may connect using their proprietary OMS, via BBG, EMSX or via FIX and Swift messaging.

• Agency Model: Drax RV is the Drax cross product electronic execution group. We use sophisticated low latency algorithms to execute complex structures anonymously across multiple venues, in a most risk averse manner
• Connectivity:  The RV group have a network of price providers in OTR treasuries giving them access some of the tightest electronic pricing on the street (16th of a 32nd) across the curve
• Execution methodology: Our strategies are split into three main areas of execution. These are tailed futures rolls, cash bond curves and flies and cash vs futures strategies (flies, boxes, teds, basis)
• We use two primary forms of execution; index price/yield limited and TWAP – for minimal market impact and anonymity of larger orders. All orders are transacted electronically using a best price model
• Differentiator:  Our execution methodology allows us to receive better than standard cash bond pricing from vendors on prioritising stream venues
• Market Coverage: We cover all market hours for US, European and UK fixed income products. Strategies are in price or yield

Crypto Spot Trading:

• Crypto spot trading facilitated via voice trading, click and deal GUI or FIX API.
• Competitive pricing via our aggregated pool of spot liquidity from the top market makers and exchanges.
• Trade anonymously as you face Drax and our name faces the market.
• Settle trades via our Prime Broker, Hidden Road Partners, or DvP settlement via your chosen custodian.

Crypto Derivatives Trading:

• Going live in 2024, launching crypto derivatives via our UK FCA regulated entity.
• Trade basis vs “perps” and futures and OTC options.
• Derivatives products include:
  • Off exchange settled perpetual swaps
  • CME futures
  • OTC Options

• The Equity Derivatives Group at Drax provides a premier solution for buyside investors and trading firms seeking enhanced high-touch pricing and liquidity outcomes
• Our distinctive network of liquidity providers grants us access to pricing and market depth that most electronic markets cannot match
• We specialize in macro thematic expressions, volatility strategies, and comprehensive portfolio hedging for buyside institutions
• Drax’s anonymous workflow minimizes information leakage