Integral is revamping its pricing model on its Open Currency Exchange (OCX) product. The technology company will be shifting into a lower tier of pricing with $2.75 per million. Another additional important detail that the company is sharing is that the exclusivity requirements of legacy platforms will be eliminated.
The company is aiming to open up its OCX product to a bigger number of market participants.
The company is also committing to avoid charging third party additional fees, port fees, or market data fees.
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Commenting on the matter, the CEO of Integral, Harpal Sandhu, said: “Our new pricing model for OCX does even more to improve the economics of running an FX business.”
Integral launched OCX in the spring of 2015, when the company pioneered its concept for a subscription-based foreign exchange market. The solution is aggregating direct, indirect, and resting liquidity and was launched with a monthly subscription cost of $275.
Nowadays, the OCX is cross-connected to about 250 liquidity sources spread across NY4, LD4 and the TY3 datacenter locations of Equinix.
Earlier this year, Integral introduced some material upgrades to its OCX product. New ultra-low latency hardware upgrades delivered 80 microsecond round trip acknowledgement times. Another improvement has been the incorporation of advanced algorithmic trading technologies into the exchange. The company also integrated its BankFX, MarginFX, and InvestorFX offerings into the OCX.
The competitive landscape may well be shifting at the best possible time for the industry. Trading volumes during the month of September have been nowhere close to any other month in 2017. Rapidly increasing FX volatility in recent weeks is likely to lead to the best month for the industry since November last year.