Sucden Financial, a leading global multi-asset execution, clearing and liquidity provider has joined OTC market TrueFX as a Clearing Member (TCM) to support their clients’ access to liquidity on the network.
Launched by Integral earlier this year, the TCM network allows buy-side firms of all sizes to directly access liquidity on TrueFX from leading market makers without an intermediary. Clients of TrueFX have the option to clear through Jefferies FXPB, the central credit counterparty for TrueFX, or open an account with a TCM and gain access.
Wayne Roworth, Co-Head of eFX at Sucden Financial, said: “We are pleased to be joining the TrueFX network as a clearing member and offer our clients access to this service with valuable connectivity to the marketplace. TrueFX is an exciting development for the FX market, and we are proud to demonstrate our commitment to this initiative.”
Harpal Sandhu, CEO of Integral and TrueFX, commented: “Having Sucden Financial join the TrueFX Clearing Member network greatly enhances the offering available to clients and allows TrueFX to service many more segments of the buy-side community. The addition of Sucden Financial to the network is further testament to the network’s compelling value proposition, and we are thrilled to have them on board as a clearing member”.
TrueFX allows for unlimited small tickets and includes connectivity, aggregation and MT4/MT5 bridging technology free-of-charge. The Clearing Member network was launched in March in partnership with AxiCorp, FXCM and Velocity Trade to support customer access to the ecosystem so that market participants can achieve direct trading relationships with leading market makers.
In May 2019, Integral launched the TrueFX Streaming service, an Institutional Market Data service for retail brokers looking to access live spot FX and crypto-asset prices sourced from tier-one banks and non-bank liquidity providers trading over Integral’s Open Currency Exchange (OCX) platform. 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 eight leading market makers.
Sucden has recently joined Cobalt’s post-trade technology network. The post-trade infrastructure creates a single trusted set of standardized trade data from which Sucden Financial can utilize Cobalt’s range of middle and back-office trade solutions. This includes its Core Credit module – a centralized credit management tool for all relationship types, allowing credit owners to control and manage lines using real-time monitoring tools.
