One of the Silicon Valley based players in the industry, Integral Development Corp. has introduced a new set of features to the company’s Open Currency Exchange (OCX). Back in April, this major provider of trading and liquidity aggregation solutions to the foreign exchange market pioneered its new product to the market.
The product is pooling together a wide spectrum of FX market participants into a unified network of liquidity, where clients can trade with other clients. In addition, clients of the OCX are merely paying a monthly fee for access to the exchange instead of per-trade fees.
Since the deployment of the platform in April, Integral has been working on a couple of enhancements which could bring major changes to existing clients of the company that use the OCX and also attract a number of new customers.
The first major step which the company made is to launch its Equinix LD4 facility in Slough – an important step in the process of reducing latency for all those players that rely heavily on high speeds.
The Equinix facility LD4 just outside of London is famous in the industry for being the foreign exchange data center. This adds to an already existing location in the U.S., where Integral is Using Equinix NY4.
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Another major selling point for OCX is the addition of API access. Up until now the product has been available as a screen-only access. The introduction of an API makes Integral’s new offering much more appealing to a broader range of customers.
Using OCX, foreign exchange traders can benefit from direct, indirect and resting order liquidity while using only one book. OCX has a single aggregated liquidity pool to which the trader has access, which should lead to superior execution.
The product has also been integrated seamlessly with Integral’s platform for electronic foreign exchange trading, FX Cloud.
Commenting on the announcement, the CEO of the company, Harpal Sandhu said: “Customers trading on OCX experience lower costs of trading, and the flexibility of the product allows them to pursue opportunities unavailable to them in other markets.”
According to data provided by Integral, all of company’s clients which include over 250 banks and brokers and 1,800 trading parties have been seamlessly integrated with the OCX.