Standard Chartered Bank to provide prime brokerage services to Advanced Markets

Maria Nikolova

Addition of leading FX prime broker expands company’s institutional presence.

Advanced Markets, an institutional foreign exchange liquidity and prime-of-prime service provider, has signed Standard Chartered Bank as a foreign exchange prime broker. The addition will further extend the range of clients that can use prime brokerage to trade via Advanced Markets’ Direct Market Access (DMA/STP) liquidity infrastructure.

“Having Standard Chartered Bank as a prime broker enables us to better serve institutional market participants and further solidifies our standing as a leading prime-of-prime service provider to brokers, banks and fund managers,” said Anthony Brocco, Founder and CEO, Advanced Markets.

Standard Chartered will provide prime brokerage services to the newly launched FCA-registered Advanced Markets (UK) Limited operation based in London as well as the company’s ASIC-registered operation. The companies operate as independent entities and will have discrete prime brokerage accounts at the bank.

Commenting on the new arrangement with Advanced Markets, Matthew Walsh, Head, Prime Services Sales Americas, Standard Chartered said: “We are pleased to provide FX prime brokerage services to enhance market access for institutional market participants. Advanced Markets’ transparent, direct market access agency model, which enables clients to trade on top-tier bank liquidity, fits well within our strategy.”

Advanced Markets’ Direct Market Access (DMA/STP) liquidity model, which the firm pioneered upon its launch in 2006, enables FX market participants to trade anonymously on prices streamed by leading liquidity providers in a fully transparent, anonymous market structure. The combination of the firm’s DMA/STP model and robust low latency trading infrastructure has driven participation from leading brokers, fund managers and other institutions.

The new Standard Chartered facility complements Advanced Markets’ existing prime brokerage and credit relationship with UBS. In addition to prime brokerage, eligible corporate clients may set up custodial accounts with Macquarie Bank to support trading via Advanced Markets. This structure provides enhanced security because a client’s funds are held in its name in a custodial account.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<