Integral Development Corp., a leading service provider to FX market participants, today announced the public availability of OCX™, the Open Currency Exchange™.
OCX offers unlimited screen trading for a monthly subscription of $275, thus substantially cutting the cost of accessing Forex markets. On top of that, OCX’s advanced matching engine combines liquidity directly from disclosed bilateral relationships, liquidity indirectly from over 100 electronic market makers and resting liquidity from a central limit order book into a consolidated execution venue. This improvement marks a significant evolution in FX market design over legacy FX platforms, which fragment liquidity in separate rooms. Designed as a safe, efficient, modern exchange platform, OCX is open to all market participants.
The combination of these three elements breaks ground in all respective areas: an innovative pricing model, combining all three primary sources of liquidity and truly open access, all within a single environment.
OCX Trader™, the newly released trading application for OCX, was developed at Integral’s Palo Alto Research Center and is available on Windows, HTML5 web browsers, Mac OS X and iOS. It includes a comprehensive suite of algorithmic trading models, such as the ability to trade at the mid-rate with a single click.
OCX is available for trading today and will be introduced throughout Integral’s more than 200 institutional white label systems as an additional source of liquidity.
Harpal Sandhu, CEO of Integral Development Corp. commented: “Integral pioneered the use of aggregation in disclosed liquidity. Now, with the addition of indirect liquidity and resting orders within the same matching engine, the best of all electronic trading models is just a click away. Combined with subscription-based pricing, users worldwide now have the most powerful and cost-efficient solution available.”
OCX’s initial matching engine is live in New York with additional engines set to come online in London during the second quarter of 2015 and in Tokyo and Singapore during the third quarter of 2015.
Integral also announced today the launch of the OCX Clearing Member Program, through which certified clearing institutions establish themselves as credit intermediaries to OCX.
“INTL FCStone is pleased to be a foundation OCX Clearing Member. We think being able to offer access to such a large set of electronic market makers for a flat fee is a great innovation for the market and will help us further expand our FX business,” said Edgar Ramon, Global Head of FX, INTL FCStone.
While OCX is open for all, banks and brokers who currently trade from their desktops and incur a combination of terminal charges, per line charges, brokerage fees and other surcharges might be among the first adopters of the system because they get everything they need for a flat fee. And contrary to what they tend to experience in their current setup, the more they trade, the greater the savings.
To learn more about OCX, click here.