TrueFX and Straits Financial partner up for enhanced liquidity

Karthik Subramanian

TrueFX, a low-cost brokerage that is designed for the buy-side, today announced the partnership with Straits Financial Services Pte Ltd, a Singapore-based brokerage house, to enhance its buy-side liquidity.

Singapore ranked number 3 financial center globally

This partnership enables Straits Financial to join TrueFX as its clearing member and with this arrival, the clients of TrueFx are expected to get direct access to liquidity as they would get access to all the market makers on their side and this would help to bring in customized pricing from them.

“The size and scale of our growing clearing network allow us to offer significant cost savings to even more clients, brought around by the venue’s integrated liquidity, clearing, and technology”, said Harpal Sandhu, CEO of Integral and technology provider for TrueFX. “We are thrilled that Straits Financial has joined as a clearing member and their participation will greatly enhance the offering available to clients.”

The clients also have the option to clear through Jefferies FXPB which is the central counterparty of TrueFX, the company said. The other clearing members of TrueFX include FXCM Pro, Velocity Trade, and Sucden. The company was launched in 2020 and hopes to attract its clients through low-cost and high-tech brokerage solutions.

Raymond Mok, Straits Financial Global Head of FX said, “As a leading financial institution in Asia, we want to provide our institutional clients with fair, transparent, and efficient access to the market. TrueFX aligns with these values, and we are pleased to join the network as a clearing member and demonstrate our commitment to this exciting initiative.”

Straits Financial has a Capital Markets Service License in Singapore and is also a full Clearing Member of CME Group. It offers a wide range of OTC products and derivatives.

There has been a lot of competition in the FX brokerage industry over the last few years with the space getting crowded and now we are seeing them diversify their products and attract clients through various offers and upgrades. This space continues to evolve but is seeing some serious challenge from the crypto trading industry which has become attractive due to its high volatility. This is the reason why we are seeing FX brokers trying to find their own niche in this space and also trying to woo institutions to boost their trading volumes.

 

  • Read this next

    Digital Assets

    Celsius founder Mashinsky agrees to shared lawyers with Sam Bankman-Fried

    Former Celsius CEO Alex Mashinsky has addressed potential conflicts of interest in his legal representation during a brief hearing in a New York courtroom.

    Digital Assets

    Sam Bankman-Fried captured in first jail photo

    Sam Bankman-Fried, the once-billionaire founder of FTX, has been spotted looking quite different with a new beard and a slimmer figure in a photo that’s been making rounds, reportedly taken inside New York’s Metropolitan Detention Centre.

    Market News

    Bitcoin stalls at $53,000 level, Ethereum reaches $3,000

    Bitcoin (BTC) faced renewed resistance at the crucial $53,000 level on Tuesday, indicating that the primary cryptocurrency is likely to continue consolidating before making its next decisive move.

    Digital Assets

    UK targets new laws for stablecoins and crypto staking within six months

    The United Kingdom is gearing up to enact fresh legislation regulating stablecoins and crypto staking within the next six months.

    Web3

    Masa’s Milestones Before Mainnet Launch

    Since its launch in August 2022, Masa, the premier decentralized network for personal data, has experienced rapid growth, securing over 1.2 million unique wallets and accumulating more than 23 million data points. Despite a bear market, the network has attracted over 40,000 node operators to its testnet within just 18 months.

    Digital Assets

    Web3 Greatest Startup Competition Hits $10M in Prizes

    We’re thrilled to announce the return of the highly anticipated Startup Competition at Paris Blockchain Week. With a staggering array of prizes totaling over $10 million, encompassing funding, grants, credits, accelerations, listing, and more, this competition has become a cornerstone event within the blockchain startup ecosystem.  

    Digital Assets

    Hedge fund Tyr Capital faces dispute over exposure to FTX

    Crypto hedge fund Tyr Capital found itself embroiled in a dispute with one of its clients concerning its investment exposure to the bankrupt digital assets exchange FTX, as reported by the Financial Times on Tuesday.

    Retail FX

    Plus500 revenue down to $725 million, unveils $100M share buyback

    Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported its 2023 results, which came “significantly ahead” of analysts’ estimates.

    Education

    Strategies for Profiting from Interest Rate Fluctuations

    The world of Forex trading is a complex and dynamic domain where interest rates play a pivotal role in shaping currency values. Octa’s team of financial experts delves into this intricate relationship, providing traders with a comprehensive understanding and strategies to harness economic indicators for enhanced trading performance.

    <