TrueFX announced this Tuesday that it had executed the first set of disclosed trades between parties on its network, which were FXCM, AxiCorp, Velocity Trade, and leading electronic market makers.
TrueFX is a purpose-built over the counter (OTC) market designed for the buy-side. The new network has been launched with the help of AxiCorp, FXCM, and Velocity Trade, who have partnered with the company to support customer access to the ecosystem.
The OTC market has been designed to provide market participants with direct access to FX liquidity. This is accessible through a single point of credit intermediation and technology integration, the company said.
Commenting on the announcement, Daniel Beale, Head of Institutional Sales and Trading at AxiCorp, said in the statement: “AxiCorp is extremely pleased to have participated in the first live trades on TrueFX.”
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“The transparent and highly efficient model employed by the platform is an exciting development for the markets and we look forward to continuing our participation over the coming months.”
TrueFX’s liquidity is delivered in a cloud environment, meaning its network can be connected to easily. TrueFX operates both disclosed and non-disclosed trading. According to the statement today, the market supports a variety of execution methods.
The OTC market is a joint project of Integral and Jefferies FXPB. As Finance Magnates reported towards the end of last year, the two companies made a push into the FX prime brokerage space.
TrueFX is open to the entire forex community
“TrueFX is open to the entire FX community and customers have access to any form of liquidity of their choosing,” said Harpal Sandhu, CEO of Integral and technology provider for TrueFX.
“Clients can take full advantage of a centralized credit and technology offering, which delivers high cost savings and opens up the market to the widest possible user base. We are thrilled by the extremely positive reaction we have received from the market and are now responding to the significant demand from customers looking to TrueFX for efficient and convenient trading.”