Bank clients are now sending tens of thousands of quotes per second to individual venues - volume that requires active management just to keep venues from being overwhelmed. TransFICC's response has been twofold: expanding data center coverage globally (with new builds in Tokyo, Hong Kong, and Bergamo over the past year) and building tools to coalesce and de-duplicate quote flow before it hits the venue.

On automation, Toland pointed to US credit as the area of strongest appetite, driven by the sheer volume of RFQ traffic in an all-to-all market. TransFICC's Credit Agent product is designed to take on much of that negotiation directly - automatically responding to and negotiating RFQs on a bank's behalf across trading venues.

Toland also gave an update on TransFICC's partnership with Citadel on outsourced liquidity provision: the first client is now live on interest rate swaps, with a second client onboarding across US credit and US Treasuries. Looking ahead, he outlined plans to keep expanding venue coverage. Recent additions include municipal bonds, mortgages, and credit default swaps on Bloomberg and Tradeweb, with LTX just completed and RealQ next on the roadmap.

Watch the full interview below.