At a time when the industry is feeling the Swiss National Bank’s (SNB) induced pinch to credit relationships, Advanced Markets has announced that it will be adding a new liquidity provider (LP) to its Direct Market Access (DMA) platform.
The latest addition is Swiss bank UBS AG, which will solidify the offering of Advanced Markets to a total of ten LPs six months after prime brokers announced revised, harsher conditions for providing liquidity to a number of retail foreign exchange brokers.
Advanced Markets now provides access to a total of ten LPs
Advanced Markets provides its top-tier bank liquidity through an anonymous marketplace under its STP model.
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Commenting on the announcement, the CEO of Advanced Markets Anthony Brocco said, “In the post-SNB environment, having the right credit relationships in place is of extraordinary importance. With UBS as a prime broker, we will continue as a true prime-of-prime service provider with 100% STP model, committed to delivering elite service to our partners.”
Advanced Markets has already been offering liquidity from UBS since the beginning of June.
In the beginning of June, Advanced Markets officially announced a joint venture with platform provider Fortex after hiring a sales team primarily constituting of former Boston Technologies employees earlier in 2015.
Under the name FAM Clearing LLC, the joint venture aims to deliver prime-of-prime services and technologies to firms that do not have access to prime broking services provided by tier-one banks.
UBS was one of the major banks to have profited heavily in the aftermath of the Swiss National Bank’s (SNB) induced volatility. The Swiss bank reported stronger than expected Q1 results, pointing out its foreign exchange business as the primary reason for better financial metrics.