Fortex Deploys First Direct Market Access FX Trading Services in Asia For HK Broker
REDWOOD SHORES, Calif., February 3, 2011 – Fortex, Inc., the leading provider of independent, real-time multi-asset trading platforms, today announced that it has deployed its high-performance, low-latency Fortex FX platform for Sun Hung Kai Financial (“SHKF”), the leading non-bank financial institution in Hong Kong. The Fortex deployment enables SHKF to become the first provider of direct market access FX (FX DMA) trading services in Asia.
For the first time, individual clients have direct access to live pricing, on equal footing with other banks, institutions, and hedge funds. SHKF offers spot rates, and will soon offer dollar index (DXY) rates, streamed directly from liquidity providers to provide the best bid/best offer environment to each client. Bullion and other precious metals, non-deliverable forwards (NDF), and options services will be offered in the future. Through the Fortex FX platform, SHKF gains tight integration with the leading FX liquidity providers, including Macquarie, Citi, Deutsche Bank, Goldman Sachs, and other top-tier FX banks to provide fully transparent access to the true interbank market with no price manipulation or delay.
“We are pleased that SHKF has chosen Fortex as its platform in the dynamic Asian market,” said Daniel Chen, CEO and co-founder of Fortex. “As SHKF grows its business, it can offer its clients a truly unique, fair trading environment with high performance and low latency. SHKF’s FX DMA model and the Fortex platform represent the future of FX trading and a significant business driver as foreign exchange markets continue to grow rapidly.”
SHKF’s new Fortex low-latency trading platform delivers execution speeds within one millisecond, resulting in transaction rejection rates of less than 0.5 percent. The platform also dynamically adjusts to a client's bandwidth connection to optimize quote update frequency and lock in prices. This feature enables SHKF’s clients to experience superior quote delivery performance and maximum access to market action. Market-making banks gain access to all online traders and a completely unfiltered order flow, while banks, hedge funds, institutional traders, and individuals compete on equal market footing.
“We are delighted to work with Fortex as we transform our FX trading capabilities,” said Paul Goldman of SHKF. “The powerful Fortex FX platform is a logical step in our Asian market growth strategy and will form the backbone of our future FX products and services.”
Fortex FX supports more than 22,000 online trading accounts worldwide and processes over 5.5 million tickets per month with record daily volume exceeding $12 billion. The Fortex FX platform infrastructure directly cross-connects to leading, market-making banks, aggregating bank quotes and processing orders with sub-millisecond latency.
Fortex is the leader in developing and deploying world-class, multi-asset trading systems for foreign exchange, equities, options, and futures trading. Only Fortex delivers completely neutral, real-time platforms that provide direct access to all global exchanges and leading market makers through a single trading interface. The company is privately held and headquartered in Silicon Valley. For more information, please visit www.fortex.com.