The news of restructuring at Integral Development Corporation (Integral), a service provider to market participants in the FX markets, comes as no surprise in a period where trading activity continues to contract.
Forex Magnates has learned that the US headquartered firm has made a number of staff changes at its London office. The move comes on the back of difficult operating conditions for volume dependent trading firms.
A number of staff members at Integral’s UK operation have departed the firm, the institutional FX firm that provides a number of solutions to banks, brokers and hedge funds is believed to be feeling the heat of declining trading volumes.
Trading activity at leading execution venues have been dropping significantly as traders digest range-bound markets, despite the Russia-Ukraine conflict and the Iraq energy crisis failing to lift the lid on an empty landscape.
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Integral was founded by Stanford University graduate, Harpal Sandhu in 1993. Since then the firm has built a respectable business in the institutional foreign exchange market, operating globally with offices in the US, UK, Japan and Asia.
A number of operators in the derivatives space have been restructuring on the back of tough trading conditions, several firms have witnessed changes at key positions including, Alpari UK, ADS Securities and IG.
Integral’s UK operation is a subordinate of the US parent company, according to the latest Companies House filing for accounting statements year-end 2013, Integral (UK) made a profit (after tax) of £200,601 (£107,408 in 2012). Integral’s UK operation holds FCA registration, the firm having gained approval in 2007.
Update: following the report by Forex Magnates, Integral has issued a company statement announcing two executive appointments – Jon Barker as Managing Director of the Products division and Richard K. Farrell as Managing Director and Global Head of Sales