TrueFX has launched its Clearing Member network by partnering with Axicorp, FXCM and Velocity Trade to support customer access to the ecosystem. This will allow FX market participants to achieve direct trading relationships with leading market makers.TrueFX is a purpose-built OTC market designed for the buy-side and the clearing member network allows buy-side firms of all sizes to access liquidity from leading market makers without an intermediary. Clients will have the option to clear through Jefferies FXPB, the central credit counterparty for TrueFX, or can open an account with a TrueFX Clearing Member to directly access liquidity on the venue. Leading market makers can provide customized pricing bi-laterally to all
customers regardless of direct credit relationships.
Brendan Callan, Chief Executive Officer of FXCM, commented: “TrueFX is an exceptional step forward in the integration of connectivity, liquidity, clearing and bridging technology. Bringing these services together in one seamless ecosystem allows for significant costs savings to the end client. Kudos to Integral and Jefferies FXPB for bringing TrueFX to market. FXCM is happy to be an original Clearing Member on the system.
The firm was created as a joint venture between Integral and Jefferies in order to offer a 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 centrally cleared venue provides direct access to FX liquidity for retail brokers, macro hedge funds, prime of primes, and also regional banks.
Harpal Sandhu, CEO of Integral, said: “The size and scale of our clearing members allows TrueFX to service many more segments of the buy-side community. Having introduced significant efficiencies and cost reductions to the market through TrueFX, we look forward to bringing those savings to the widest possible user base. The launch of the TrueFX Clearing Member network will accelerate that process.”
TrueFX allows for unlimited small tickets and includes connectivity, aggregation, and MT4 bridging technology free-of-charge. 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 nonbank 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 8 leading market makers.
