California-based capital markets technology firm Integral says its direct market access system for foreign exchange, FX Inside, will be rolled out to more than 50 bank and fund management customers over the next three months.
The vendor has completed an initial six-month limited deployment of FX Inside and will now begin a major roll out of the system. Integral says it expects the application to be deployed on the trading desks of more than 75% of the world's leading FX market user banks over the next two quarters.
Integral claims FX Inside is the world's first direct market access and algorithmic trading platform for foreign exchange. Developed in 2004 in conjunction with leading market making banks, the system aggregates FX spot prices from these banks, enabling a dealer to have a single, executable application for all available electronic FX sources. The platform began live North American trading in late 2004 and launched its European trading operations in early 2005.
Harpal Sandhu, CEO of Integral, says: "Customers are demanding the highest quality liquidity delivered within a powerful algorithmic trading platform. This is exactly what we together with our partner banks have delivered."
The system is delivered via the Integral Network, a global network of dedicated data connections and datacentres linking market making foreign exchange banks and their banking and institutional fund customers.