Over-the-counter (OTC) foreign exchange (FX) trading network provider Integral Development Corp. has unveiled the Open Currency Exchange (OCX), its latest effort in an attempt to counter the fragmented liquidity of incumbent FX platforms, officials say.
OCX offers unlimited screen trading for a monthly subscription of $275 and “dramatically lowers the cost of accessing FX markets,” according to a company statement. OCX’s 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 (CLOB) into a consolidated execution venue,” the statement says.
“Integral pioneered the use of aggregation in disclosed liquidity,” says Harpal Sandhu, Integral’s CEO, in a prepared statement. “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 Trader is OCX’s companion application, and is compatible with Windows, HTML5, Mac OS X and iOS. It includes a full suite of algorithmic trading models.
In addition to OCX itself, Integral has also launched the OCX Clearing Member Program, through which certified clearing institutions can establish themselves as credit intermediaries to OCX.
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