Fortex Inc. introduces its next-generation “xForce Prime of Prime Suite” for FX Brokers
Redwood Shores, California, May 4, 2016 - Fortex, Inc., one of the leading electronic communication network (ECN) trading platforms, today announced the launch of its xForce Prime of Prime Suite for FX Brokerage companies.
xForce Prime of Prime is the first end-to-end, prime-of-prime solution that is designed to allow banks and brokerages, who are looking to become FX liquidity providers, to distribute their price streams directly to their partners' systems. FX Brokerages can now onboard their own partners by offering white label omnibus accounts and by enabling access to an aggregated corporate account utilizing the institutional Fortex5 front-end. They also have the ability to issue FIX API connections and to manage the whole process via flexible middle and back office portals, giving all parties a clear view of their financial performance and the tools to make smarter decisions for their businesses.
The groundbreaking xForce Prime of Prime suite is not only enabling FX brokerages to distribute their liquidity in a whole new way, but is empowering those businesses to tap into the network of corporate FX traders, fund managers and regional banks that they couldn’t access before. Brokers are able to create and manage the pricing profiles that they provide to their partners, utilize different execution and revenue generating strategies, manage their risk books using sophisticated risk management tools and, most importantly, view their entire brokerage P&L anywhere in real time.
xForce is a scalable and geographically distributed cloud ecosystem hosted in our dedicated facility in New York's NY4 Equinix datacenter, delivering sub-millisecond latency combined with high system availability.
The xForce Prime of Prime suite addresses the current void in the B2B FX market, where many brokerages are looking to become FX and CFD liquidity providers and distribute their own liquidity to other firms as they grow and expand. Unfortunately, the solutions currently on offer to them are either too costly, at the high end of the spectrum, requiring a Tier 1 Prime Brokerage account, or not scalable and under performing at the low end, built around MT4 technology. In addition, the brokers’ financial information is scattered across the multiple systems used to operate the STP model and their internal risk management and this makes it extremely difficult to obtain business-critical financial information within a reasonable time.
The most powerful feature of the xForce PoP suite is its ability to provide real-time insight into a broker’s overall exposure across all of its accounts and to generate real-time P&L for their A book, B book and coverage books combined.
“For the first time ever, FX Brokerages can deploy an all-in-one liquidity aggregation solution that is scalable and easy-to-use. A system that does not require any expensive hardware installation or IT resources and that provides an institutional-grade front end for corporate account management along with a flexible back office management suite. xForce Prime of Prime allows FX Brokers to manage their business from anywhere, expand partnership and liquidity distribution networks and to provide value and knowledge in ways that no other system can,” said Natallia Hunik, Global Head of Sales at Fortex.
In 2016, fewer retail FX firms than ever have access to Tier 1 prime brokerage services, especially given the squeeze in credit and the increase in capital requirements. This has opened the door for the larger FX Brokerages to distribute their liquidity to their smaller-sized peers. The Fortex xForce Prime of Prime product suite offers an in-demand, hassle-free solution that addresses liquidity distribution alongside other critical issues such as access to financial information and overall operational efficiency.
Fortex is the world’s leading ECN platform, with up to $12 billion of daily volume in currency, metals, energy, and CFD trades and 500,000 tickets a day for tens of thousands of traders around the world. The company’s powerful Fortex 6 platform, sophisticated cloud infrastructure, and middleware solutions have revolutionized currency, commodity, and equity trading. Today, traders, broker dealers, market makers, money managers, banks, hedge funds, and investors around the world rely on Fortex to facilitate trade execution and support sophisticated trading strategies. Some of the world’s most successful currency trading firms have built their FX businesses on the Fortex platform. Fortex is headquartered in Redwood Shores, California with offices in New York, Boston, Hong Kong, Shanghai, and London. The company is privately held.
More information about Fortex can be found at https://www.fortex.com.
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