In addition to liquidity aggregation and smart order routing, the new system will include pricing, price distribution, an order management system, hedging and risk management. The new components will be available in December 2012.

"As an asset class, FX represents tremendous potential opportunity for mid-tier and regional banks and brokerages," said smartTrade's CEO, Harry Gozlan. "LiquidityFX will give them an end-to-end FX dealing platform. This gives regional financial institutions the ability to enter the 'technology arms race' and compete with the larger global banks to attract and retain more of their customers' FX business."

"We designed LiquidityFX to help traders improve execution while protecting relationships with liquidity partners," says Peter Atkinson, Head of FX Product Management at smartTrade. "Now clients will be able to distribute liquidity and offer their customers access to a fully functional order book as well as support auto hedging and internalization."

"Demand for LiquidityFX has been strong. As customers begin to use the product, they start wanting to manage the full dealing lifecycle and handle a broader range of instruments. So we're adding support for spot, forwards, non-deliverable forwards (NDF) and precious metals," said David Vincent, CTO of smartTrade. "Ultimately, we'll extend these components to other asset classes like bonds, swaps, and other OTC products as part of our cross-asset liquidity management system."

LiquidityFX is available as a hosted/managed solution, as a software package, or delivered on an appliance.