I spoke at length with Integral trying to understand what are the real news here as several other providers too offer cloud based FX services. The real breakthrough here is that Integral now allows third parties (which don’t even have to be existing customers) to develop applications and services on its platform which then become available to all its clients. Other platforms like Currenex and HotSpot don’t seem to allow it and Integral here is trying to create the first applications shop for the online forex brokers. This is a great idea and success of it would depend on two key parameters: number and quality of third party applications developed and number of Integral clients adopting the first applications.
This is what Harpal Sandhu, Integral Development Corp’s CEO, had to say when I inquired about this new feature: “Integral’s FX Grid and our products and services have always been designed as network-based services. Our customers have been benefiting for years from what people today describe as cloud computing. The significant leap with this initiative is that we have opened up our services in the cloud to third-parties and non-customers including the ability to host their custom applications in our datacenters. That is very different from what closed FX platforms offer. As a neutral technology provider, we are in an unique position to offer up a safe, trusted platform to all market participants. We intend to make this environment available to benefit all the participants in the FX market.”
MOUNTAIN VIEW, Calif. (June 6, 2011) — Integral Development Corp. (www.integral.com), a leading provider of FX trading solutions and services, announced today the launch of FX Cloud™, enabling the full life cycle of FX, available in the cloud, as services hosted by Integral. The services are available now to trades initiated on the Integral network and will be rolled out in the coming months to “off-network” trades, opening the services up to all industry market participants. FX market participants and the businesses that serve them, have access to all the tools they need to be successful, pick what they need to build their own proprietary solutions, and do so on a shared open platform.
Built around FX Grid®, Integral’s market leading global inter-institutional connectivity and trading network, FX Cloud includes a trade repository, real-time and historical data, analytical services, algo hosting services, storage in Integral’s data centers, and support, as a complete suite of OTC FX trading and aggregation services. Everything is a service, delivered instantly. While most services will be available for free, others will be fee based. People can register on www.integral.com/FXCloud for further information.
“Providing affordable access to the FX market to an ever wider variety of businesses has been at the core of Integral’s success to date,” said Harpal Sandhu, CEO, Integral Development Corp. “With the release of FX Cloud, we are now offering the broader market access to the full life cycle of FX at a cost level never before achieved. This is the future of OTC trading services and Integral is bringing it to FX markets.”
These services have been in development and beta testing for some time and are being rolled into production this month. Integral is also actively certifying third-party service providers, offering their unique services within FX Cloud.
“FX Cloud allowed us to go from our research models directly to simulated and then production trading without the need of an internal IT staff,” said Jeff Hord, CEO, Cogence Capital. “FX Cloud provided the real-time tick data, execution models, hosting facility and post trade messaging in a single solution.”
A global trade repository for FX for everyone to use
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Integral is leveraging its existing implementation of FX Grid to create a global trade repository that allows for real-time reporting of transaction data, data recordkeeping and reporting, meeting the expected requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It is a centralized, registered repository that captures and maintains an electronic database of cleared and non-cleared FX transactions. The use of the global trade repository is open to all FX market participants.
The global trade repository has the functionality and ability to record foreign exchange trades, including forwards, non-deliverable forwards, swaps and options, and make that information available for both regulatory and public reporting purposes. The repository is capable of receiving and processing data according to the expected regulations, including trade counterparties, exchanges and execution facilities, clearing organizations and third-party matching and confirmation platforms.
Summary of Services:
- Real-time FX market rates
- Trade repository
- Trade reporting
- Post trade messaging
- Historical tick-by-tick data
- Hosting of proprietary algorithmic trading systems
Integral develops and operates FX Grid, a global Multi-sided Trading Facility connecting active market participants with all major sources of FX liquidity. Together with FX Inside, its real-time 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.
About Cogence Capital
Cogence Capital is a new generation investment company that takes advantage of rapid advances in technology and unprecedented improvements in market access to trade electronically in Foreign Exchange markets We blend cutting edge, non-traditional quantitative forecasting methods with detailed market insights to produce a new class of trading models. For more information, visit www.cogencecapital.com.