Spotex, a provider of foreign exchange (forex) technology and liquidity solutions, announced this Monday that leading forex prime brokers J.P. Morgan and NatWest Markets are now providing access to Spotex’s institutional ECN.
Today’s announcement comes at a time when the FX liquidity provider is expanding its presence in the institutional forex market, with its introduction of new disclosed direct market access (DMA) liquidity pools. The company is also working on other initiatives to increase its ECN participation.
Commenting on the announcement, John Miesner, the Senior Managing Director at Spotex said: “We are excited to have J.P. Morgan and NatWest Markets join our existing tier-one prime brokers enabling institutional client access to Spotex. We are committed to working with leading FX institutions to deliver powerful innovation to the foreign exchange market.”
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Spotex aims to increase ECN participation
Spotex’s ECN is built on low-latency architecture and allows continuous 24/5 trading with no end-of-day shutdowns. The network also uses performance-based matching logic designed to improve fill ratios and response times.
The technology developed by the company supports both its institutional ECN, as well as bespoke disclosed DMA liquidity pools. As Finance Magnates recently reported, the company updated its offering with customizable liquidity. The item enables brokers to deliver to their customers a solution where every liquidity provider can be enabled or disabled depending on the individual preferences of the clients.
JP Morgan continues to expand FX footprint
J.P. Morgan, which is one of the leading FX prime brokers in the world, has also been increasing its footprint in Asia. Recently, the firm revealed that it is preparing to deploy a new FX trading and pricing engine in Singapore. The company is planning to expand its presence in Asia, as the race for the region’s top financial center continues.
The new hub has the support of the Monetary Authority of Singapore (MAS), the local regulator, and is designed to speed up trade execution speeds for the company’s clients in the area.