Rates RV & Macro Hedge Fund

A tactical edge in rates trading.

The client is an independent asset manager delivering investment solutions across multi-asset and specialist single-manager strategies. Its G10 macro rates team runs a fund investing in global interest-rate and FX markets, aiming for steady, low-correlation returns. The managers have worked together for years on relative-value strategies built on precision.

The mandate. The team recognised that certain OTC order types, such as multi-leg hedges or resting swap orders, were time-consuming with regular tools. They needed an execution partner that could match their precision and automate these relative-value strategies, handling specific order types efficiently without adding operational friction, and without replacing the infrastructure they already trusted.

The solution. The team added Ediphy's automated execution service to their toolkit to handle order types like limit and hedge orders with more automation and less manual effort. Rather than replacing existing processes, Ediphy was brought in to fill specialist gaps. The service rests on three pillars: aggregated venue liquidity through a single point of entry, a smart order router that delivers optimised routing across the network, and universal access via browser, EOMS or API. It supports automated resting limit and stop orders, complex multi-leg orders such as cross-market spreads and butterflies, and strategies including TWAP and auto-hedging across government bonds, T-bills, IRS, bond basis, invoice spreads, and inflation products.

The outcome. The team boosted its ability to handle relative-value derivative trades efficiently without major changes or added complexity to its core operation. By automating demanding order types and removing manual friction, the managers were able to manage their strategies more efficiently and keep their focus on research, treating Ediphy as a high-impact, tactical addition to an already powerful infrastructure.