Integral Pioneers Subscription-Based Foreign Exchange Market

The service aggregates direct, indirect and resting order liquidity into a single book with a monthly subscription cost of $275

One of the leading providers of trading and liquidity aggregation solutions to foreign exchange market participants, Integral Development Corp. has announced that it is pioneering a new product to the market. The company made public the availability of OCX™, which stands for Open Currency Exchange™.

The service aggregates liquidity from a variety of sources and provides unlimited screen trading for a monthly subscription fee of $275. The service is therefore dramatically reducing the costs associated with accessing the foreign exchange market.

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OCX by Integral combines liquidity directly from disclosed bilateral relationships, indirectly from over 100 electronic market makers and resting liquidity from a central limit order book into a consolidated execution venue.

The product marks a new step towards compacting the fragmented foreign exchange market. The combination of all three primary foreign exchange liquidity sources into a single package could be marking a shift in the current market’s structure.

The OCX Trader™ platform is open to all market participants through native applications for Windows, Mac OS X, iOS and a web-based HTML5 solution. Users will find a complete suite of algorithmic trading models to be integrated within the platform.

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OCX is available for trading today and will be introduced throughout Integral’s more than 200 institutional white label systems as an additional source of liquidity.

Commenting in the announcement, the CEO of Integral, Harpal Sandhu, explained, “Integral pioneered the use of aggregation in disclosed liquidity. Now, with the addition of indirect liquidity and resting orders within the same matching engine, the best of all electronic trading models is just a click away.”

The initial matching engine of OCX’s is already live in New York. Additional infrastructure is scheduled to come online in London during the second quarter of 2015 and in Tokyo and Singapore during the third quarter of this year.

Integral also announced today the launch of the OCX Clearing Member Program, through which certified clearing institutions establish themselves as credit intermediaries to OCX.

Global Head of FX at INTL FCStone, Edgar Ramon added, “INTL FCStone is pleased to be a foundation OCX Clearing Member. We think being able to offer access to such a large set of electronic market makers for a flat fee is a great innovation for the market and will help us further expand our FX business.”

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