TrueFX Completes First Trades
TrueFX has announced its first trades, executed by FXCM, AxiCorp, Velocity Trade and market makers.
The FX spot trading platform is delivered by Integral technology and centrally cleared by Jefferies Prime Brokerage. TrueFX has been designed to provide all market participants with direct access to FX liquidity through a single point of credit intermediation and technology integration. It operates both disclosed and non-disclosed trading and supports a wide range of execution methods, including full amount and VWAP.
"AxiCorp is extremely pleased to have participated in the first live trades on TrueFX," said Daniel Beale, Head of Institutional Sales and Trading at AxiCorp. "The transparent and highly efficient model employed by the platform is an exciting development for the markets and we look forward to continuing our participation over the coming months."
"Velocity Trade is proud to demonstrate its commitment to TrueFX by executing the first trades on the platform," said Richard Holman, Head of Prime Brokerage at Velocity Trade. "TrueFX represents an exciting opportunity for many FX market participants through the increased accessibility and transparency it brings."
"TrueFX is an exciting and innovative proposition that allows more market participants to connect and trade with the widest range of counterparties," said Brendan Callan, CEO of Forex Capital Markets (FXCM). "By eliminating credit as a barrier to market, many can access core FX liquidity far more efficiently than ever before."
"TrueFX is open to the entire FX community and customers have access to any form of liquidity of their choosing," said Harpal Sandhu, CEO of Integral and technology provider for TrueFX. "Clients can take full advantage of a centralised credit and technology offering, which delivers high cost savings and opens up the market to the widest possible user base."