TrueFX and Straits Financial partner up for enhanced liquidity
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.
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.