- Critical Update Ensures Brokers Are Up-to-date With NFA Requirements Ahead of Stated Deadlines
- FX Power Trader’s Ability to Execute MQL4 Ensures Easy Transition of Expert Advisors
Mountain View, CA (July 7, 2009) —Integral Development Corporation (www.integral.com) today announced compliance of FX Power Trader™, Integral’s white label retail margin trading solution, with the National Futures Organization’s (NFA) Rule 2-43. This announcement comes well ahead of the NFA’s deadline for its first-in, first-out (FIFO) part of the rule effective July 31. With the addition of an option for non-hedged FIFO transaction to FX Power Trader, brokers can now choose the appropriate strategy that best fits their needs and that of their customers.
“Integral is very pleased to state that our clients are in compliance with NFA’s rule 2-43 without compromising on functionality,” said Harpal Sandhu, CEO, Integral Development Corporation. “We were able to make the necessary programming changes well ahead of stated NFA deadlines and thanks to our software-as-a-service delivery model, rolled it out very quickly.”
Integral further announced that FX Power Trader now has the functionality to execute MetaQuotes Language 4 (MQL 4). This allows for a seamless integration of user-generated Expert Advisors (“EAs”) that were programmed in MQL4 into FX Power Trader.
Sandhu added, “We know from talking to our customers that the ability to import EAs is a key concern when switching trading systems. Our message to MT4 brokers is that if you are concerned about making the July 31 deadline, but felt stuck due to your large inventory of Expert Advisors, Integral has put the necessary changes in place to offer you an easy and immediate transition path.”
Compliance Rule 2-43(a) will prohibit a Forex Dealer Member (FDM) from adjusting executed customer orders, with two exceptions. The first exception is where the adjustment is done to settle a customer complaint in favor of the customer. The second exception is where an FDM exclusively operates a “straight-through processing” model and the liquidity provider with which it entered into the automatic offsetting position changes the price of an executed order with the FDM.
New Compliance Rule 2-43(b) requires an FDM to offset positions in a customer account on a first-in, first-out basis, thereby prohibiting a trading practice commonly referred to as “hedging.” A customer may, however, direct the FDM to offset same-size transactions even if there are older transactions of a different size. Rule 2-43(b) is effective for any positions established after May 15, 2009. Offsetting positions that were established prior to the effective date do not have to be liquidated, but once either position is closed out after May 15, it may not be reestablished as a hedge.
End-users who are interested in contacting brokers that are using FX Power Trader today, please visit http://www.integral.com/products/fx_power_trader.htm for more information. Brokers who are interested in learning more about switching to be in compliance, are encouraged to contact Jon Barker, vice president, global sales, Integral, at firstname.lastname@example.org and country code +126.96.36.199.88.70.
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On-Demand FX trading solutions
Integral’s flexible solutions and managed service business model supports all market participants with the solutions they need to conduct FX trading themselves or deliver branded trading services to their clients. Integral’s private, customer-branded trading solutions are managed and operated over Integral’s FX Grid®, a global inter-institutional connectivity and trading network, linking market making banks and major financial institutions. Integral solutions include:
FX Inside Professional™ is the industry’s most powerful direct market access (DMA) trading system. FX Inside Professional combines pricing and aggregation of FX spot prices, forwards and outrights with algorithmic execution services giving you maximum liquidity and best execution.
FX Inside White Label™ private FX trading solutions are managed service trading systems that allow you to source, package, and deliver your liquidity, directly to your clients, under your brand. Whether you are a broker, retail aggregator or bank, Integral White Label solutions allow you to offer complete FX trading services to your institutional, corporate, professional, and retail clients.
FX Power Trader™ is a complete white label, retail margin trading solution that includes strategies, advanced order types, charting, and market news. Deployed in combination with FX Grid, banks and brokers can aggregate direct market access liquidity and deliver custom price streams to suit their clients’ needs.
Integral’s solutions are delivered as software-as-a-service (SaaS) so that FX trading providers can enter new markets quickly without having to own and operate any IT infrastructure.
Integral develops and operates FX Grid, a global Multi-sided Trading Facility (MTF) connecting active market participants with all major sources of FX liquidity. Together with FX Inside, its real-time Execution Management System (EMS), Integral’s products represent the intersection of direct market access and algorithmic trading in the foreign exchange markets. Founded in 1993, Integral maintains development, support, and sales offices in Silicon Valley, Chicago, New York, London, Hong Kong, Tokyo, Singapore and Bangalore. Investors include Accel Partners, Adams Street Partners, Hudson Ventures, Ignite Group, Mizuho Capital and Mitsubishi UFJ Capital. For more information, visit www.integral.com