TrueFX announced this Wednesday that it has launched the TrueFX Clearing Member network, which allows buy-side firms to access liquidity from market makers without an intermediary.
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.
TrueFX is an “exceptional” step forward
Commenting on the partnership, Brendan Callan, CEO of FXCM, said in the statement: “TrueFX is an exceptional step forward in the integration of connectivity, liquidity, clearing and bridging technology.”
“Bringing these services together in one seamless ecosystem allows for significant costs savings to the end client. Kudos to Integral and Jefferies FXPB for bringing TrueFX to market. FXCM is happy to be an original Clearing Member on the system.”
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With the network, clients are able to clear through Jefferies FXPB, the central credit counterparty for the OTC market. Alternatively, they can open an account with a TrueFX Clearing Member to directly access liquidity on the venue, the statement released today said.
“The size and scale of our clearing members allows TrueFX to service many more segments of the buy-side community. Having introduced significant efficiencies and cost reductions to the market through TrueFX, we look forward to bringing those savings to the widest possible user base. The launch of the TrueFX Clearing Member network will accelerate that process,” added Harpal Sandhu, the CEO of Integral.
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.
The centrally-cleared venue caters to retail brokers, macro hedge funds, prime of primes, and also regional banks. It enables them to connect to all relevant liquidity venues through a single point of credit intermediation and technology integration.