Fortex and Advanced Markets officially announced their joint venture after hiring a sales team primarily constituting of former Boston Technologies employees earlier this year. The name of the entity is FAM Clearing LLC. The firm aims to deliver prime-of-prime services and technologies to firms lacking access to prime broking services provided by banks.
Through their partnership with Fortex, Advanced Markets will manage to leverage a complete solution as the trading platform has been delivering a steady solution to the market. The 6th version of Fortex features a number of improvements and the combination could become a solid competitor for firms looking for an end-to-end solution for credit and liquidity relationships.
The timing of the partnership is also favorable, as after the Swiss National Bank (SNB) event hit the foreign exchange markets in January, prime brokers have been drastically changing conditions for brokerages.
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A number of companies have been given very short notice about changes to pricing and collateral for sourcing liquidity from major banks. This has freed up a new market for prime-of-prime solutions which are bridging the gap between the brokers who lack the access to prime brokers due to the stricter requirements imposed on them by major banks. .
The Fortex ECN trading platform makes a good package with the Straight Through Processing (STP) execution offering of Advanced Markets. The companies have already been operating closely together and the official joint venture does not come as a surprise. Back in March, the companies hired a vast sales team of former employees of Boston Technologies headed by Natallia Hunik.
The CEO and co-Founder of Fortex, Daniel Chen, commented on the announcement, “Through the Fortex ECN platform, MT4 Bridge OMX, and XBook Aggregator, our clients gain direct access to the interbank market with razor-thin spreads. Together with Advanced Markets, we can offer a PoP service through an end-to-end, one-stop solution that restores many FX brokers’ ability to offer profitable trading opportunities to their clients.”
The Executive Chairman of Advanced Markets Ltd, Anthony Brocco, added, “This joint venture supports our ongoing commitment to transparency while enabling us to serve more clients with ultra-low latency execution, superior execution quality, and algorithmic trading along with our optimized MT4 environment. With Fortex technology underlying the new PoP service, we have exceptional market agility that allows us to bring more opportunities to our clients.”