Integral and Jefferies have together launched a fully integrated service designed for buy-side firms to connect and trade with the FX market through a single point of credit intermediation and technology integration.
The solution claims to significantly reduce trading, technology, and credit costs by combining the solutions into a single offering. Named TrueFX, the centrally cleared venue provides direct access to FX liquidity for retail brokers, macro hedge funds, prime of primes, and also regional banks. Participants access other TrueFX community members via a dedicated Integral connectivity network and either a direct credit relationship with Jefferies FXPB or a relationship with a client of Jefferies FXPB.
Brandon Mulvihill, Global Head of FX Prime Brokerage at Jefferies, commented:
“The flow of credit is the lifeblood of the FX market, but the market inefficiencies have stalled accessible and affordable credit for many market participants. We are excited to play a pivotal role in addressing this challenge via TrueFX and to collaborate with the industry-leading team at Integral to make this happen.”
Harpal Sandhu, Founder and CEO of Integral, said: “The market has a huge desire to access additional parties with which to trade. We are working on making available all leading sources of liquidity so that clients can trade with everyone through a single connection. TrueFX is built on Integral’s ECN network, which is recognized for its ultra-low latency, high-performance, and superior integration. This means trading members of TrueFX can find a streamlined, cost-efficient meeting place with seamless onboarding.”
In May 2019, the Silicon Valley-based fintech solutions provider launched its Institutional Market Data service for retail brokers looking to access live spot FX and crypto-asset prices sourced from tier-one banks and nonbank liquidity providers trading over Integral’s Open Currency Exchange (OCX) platform. Named TrueFX Streaming service, the solution provides event-driven indicative prices for mid-point, top-of-book and price at depth for large size trading of institutional customers across all the major currency pairs, emerging market spot FX currencies, and 14 major cryptocurrencies, from Mint Exchange. Built on Integral’s FX infrastructure, Mint Exchange sources its liquidity from 14 major cryptocurrency exchanges and 8 leading market makers.
