Price Markets, an FX prime brokerage services provider which is part of the London Capital Group (LCG), announced today that is has teamed up with Solid FX, a non-bank market maker and multi-bank ECN, to launch their latest platform to Price Markets’ worldwide institutional client base.
According to the announcement, Price Markets Prime Brokerage Services decided to add Solid FX to its selection of FX ECNs, in order to further its access to FX liquidity venues via graphical user interfaces and APIs and, “most importantly, to near zero latency matching engines based in London.”
This move can be seen as part of a drive by LCG to shore up its institutional clients’ base following Rabobank’s exit from the FX prime brokerage business. As Forex Magnates recently reported, LCG is considered as one of the most talked about options as a candidate to fill the gaping hole in the prime brokerage market left by Rabobank’s exit.
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A.B. Talei, Head of Business Development at Price Markets, said at the announcement: “We are very pleased to partner with Solid FX. We have already on-boarded a proprietary trading firm on their platform and several others in the pipeline. Solid FX has already been integrated and tested with our back-office and post-trade processing software so it’s pretty much a plug-and-play solution for our clients.”
M. Westerman, Head of Sales at Solid FX, commented: “Since the first contact with Price Markets they show a very pro-active stance. As we are already in business with London Capital Group for some years, it make sense for us to intensify the business via Price Markets. We also believe we can add some value towards the existing pool of FX venues.”
It was also announced today by the company that Solid FX has appointed the Royal Bank of Scotland as its new Prime Broker.