North Carolina headquartered, Advanced Markets Ltd., provider of wholesale liquidity, technology and credit foreign exchange and metals solutions to the global bank and brokerage industry, has announced the addition of trading in spot platinum and palladium, adding to its existing precious metals offering which include gold and silver.
The newly tradable products were first beta-tested with a select group of clients in early February, and are now available to all Advanced Markets’ clients, according to an official company press release.
The two new metals products will be priced and traded through Advanced Markets’ Direct Market Access (DMA) market structure, which is described as enabling end users to trade on multibank liquidity provided by bank market makers in a low latency, pure agency model.
The company has pivoted a number of times following its original launch and business model, and has evolved into a global provider of diverse brokerage solutions for the institutional FX space, including white-label brokerage solutions in an a’ la carte style menu of options. The firm offers direct services to clients who qualify as “wholesale customers,” as defined by Section 761G(7) and 761GA of the Australian Corporations Act, according to information on one of its corporate websites.
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The press release described, on a wholesale basis, that Advanced Markets serves more than 15,000 institutional and individual clients in more than 30 countries globally. Outside investors of the firm’s shares include Macquarie Americas Corp Inc., a wholly owned subsidiary of Macquarie Bank and GFI Group Inc, although Advanced Markets remains a private company.
“We are pleased to add these exciting new metals products to the wholesale solutions we provide to leading brokers and banks globally,” said Anthony Brocco, Chairman of Advanced Markets, commenting in the official press release.
Mr. Brocco added, “We see the benefits of DMA in our existing FX and metals markets, including tighter, truer bid/offer spreads and minimal to zero slippage or rejections, accruing to traders of these new metals products.”
The products are the first to be added under Advanced Markets’ new legal and regulatory structure after the Australian Securities & Investment Commission (ASIC) approved Advanced Markets Ltd, a Cayman Islands domiciled entity, as an ASIC regulated licensee. The new approval was said to help the firm offer a wider array of products, including CFDs and energy products to its global bank and brokerage community customers.
“Our new regulatory structure and domicile supports the breadth of financial and commodity products demanded by our global wholesale clientele,” said Brocco, and concluded, “We look forward to launching CFDs and other eligible currency and energy products in the coming months.”