Ahead of its board and officer elections tomorrow, the Foreign Exchange Professionals Association (FXPA) has announced the addition of Hotspot and Integral Development Corp. as its newest institutional members. The US-based FXPA was formed in September of last year to form a collective foreign exchange industry group to represent their business interests to regulators and policymakers.
Among policies expected to be discussed by members and advocated is global FX market regulation, standards of execution quality, benchmark rates and post-trade reporting. Since launching, the group has attracted membership from firms representing various different niches of the FX market including exchanges, institutional investors, trade monitoring, brokers, trade monitoring, technology firms and bank and non-bank liquidity providers such as the CME Group, Traiana, Virtu Financial, BNY Mellon and GFI Group.
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Commenting about their membership, William K. Goodbody, Jr., managing director, COO & head of sales at Hotspot stated, “Our industry faces a number of complex, important issues and we are confident the FXPA will represent our collective interests and advance our mission with policymakers, regulators and other influencers. FXPA has built up a broad base of participants from across the FX industry and Hotspot is pleased to join with other leading companies and organizations as a founding member.”
Harpal Sandhu, CEO, Integral Development Corp. added, “Integral is very pleased to join the Foreign Exchange Professionals Association (FXPA) as a Founders’ Council Member and we look forward to doing our part to engage in a dialogue with regulators and policymakers to promote a well-functioning and robust FX market. Integral has always been a strong advocate of increased transparency in foreign exchange markets and is proud to be supporting this broad industry initiative.”