Best market data provider (broker)—Fenics Market Data & Analytics

Overview—Broker Data

Fenics Market Data & Analytics (FMD), part of BGC Group, provides the market with a wide range of market data, pricing, analytics and regulatory solutions across a range of asset classes, including foreign exchange, rates, fixed income, commodities and derivatives. Drawing on data from BGC’s global brokerage operations, FMD delivers real-time, intraday, end-of-day and historical market data. Its reference data and pricing services help financial institutions with price discovery, regulatory compliance and trading decisions, enabling more informed and efficient market participation.

Secret sauce 

FMD’s data is calibrated against real trade and order flow, both voice-brokered and electronic, rather than validated only against other models―the standard approach in over-the-counter (OTC) data. FMD is pioneering “source-zero” in OTC markets, direct-from-venue data delivered in a single, consistent format. Leveraging BGC’s multi-brand, multi-asset ecosystem, FMD connects modeled surfaces, streamed prices, order books and executed trades across products and venues, allowing clients to back-test trading strategies, pricing models and risk management frameworks against granular, OTC data largely unavailable until now.

Recent milestones 

Over the past year, FMD has expanded its trade and order capture of exotic rates and FX instruments, including Bermudans, constant maturity swap spread options and barrier/digital (KI/KO) options, deepening pricing granularity for structured trades. Across its full dataset, FMD moved to consistent schemas, full point-in-time history and structured metadata, making its data quant- and artificial intelligence-ready. FMD worked directly with clients’ quant and AI teams to shape bespoke datasets and insights suited to their specific requirements.

Future objectives 

Building on this year’s move to quant- and AI-ready data, FMD is developing real-time risk metrics across asset classes. The firm is also adding AI-driven voice and chat capture to strengthen its pre-trade coverage across indications of interest, orders and work-ups. On the AI front, FMD is moving beyond simple data retrieval (Model Context Protocol-style access) toward infrastructure built to enable AI to properly navigate OTC data, including temporal knowledge graphs, Graph-RAG (retrieval-augmented generation) layers and orchestration that captures context, regimes and history.

Why Fenics Market Data & Analytics won

FMD returns to the IMD & IRD Awards winners’ circle in the category it last won in the 2024 campaign. This year’s success comes on the back of its Broker Data service, which draws on BGC Group’s global brokerage operations to provide pricing, trade and order-flow information across FX, rates, fixed income, commodities and derivatives. A key differentiator is that FMD’s data is calibrated against actual trade and order flow―both voice and electronic―rather than relying solely on comparisons with other pricing models.

The firm is also pushing to improve transparency in traditionally opaque OTC markets through source-zero data delivery, providing information directly from venues in a consistent format. By connecting modeled surfaces, streamed prices, order books and executed trades, FMD provides its clients with access to granular market information that can be used to support their pricing analysis, quantitative research and various back-testing functions.

Over the past year, FMD has extended trade and order capture for complex rates and FX instruments, including Bermudan and barrier options, while also standardizing schemas, point-in-time history and metadata across its wider dataset.

Looking ahead, FMD is developing real-time risk metrics across asset classes and AI-driven voice and chat capture to expand its pre-trade coverage. Its longer-term ambitions go beyond making data accessible to AI tools, with temporal knowledge graphs and Graph-RAG infrastructure intended to help AI systems interpret market context and historical patterns. This combination of broker-derived intelligence, pricing transparency and AI-ready infrastructure underpins the firm’s hard-to-match approach to sourcing and delivering market data.