Axicorp, FXCM and Velocity Trade partner with TrueFX to provide sponsored access to buyside FX market participants

TrueFX, a purpose-built OTC market designed for the buyside, has launched the TrueFX Clearing Member network, with Axicorp, FXCM and Velocity Trade partnering with TrueFX to support customer access to the ecosystem.

With this development, clients will have the option to clear through Jefferies FXPB, the central credit counterparty for TrueFX, or can open an account with a TrueFX Clearing Member to directly access liquidity on the venue. 

The new TrueFX Clearing Member network allows buyside firms of all sizes to access liquidity from leading market makers without an intermediary. Firms can now enjoy direct market access and leading market makers can provide customised pricing bi-laterally to all customers regardless of direct credit relationships.
“TrueFX is an exceptional step forward in the integration of connectivity, liquidity, clearing and bridging technology. Bringing these services together in one seamless ecosystem allows for significant costs savings to the end client. Kudos to Integral and Jefferies FXPB for bringing TrueFX to market. FXCM is happy to be an original Clearing Member on the system,” says Brendan Callan, CEO of FXCM. 
“The size and scale of our clearing members allows TrueFX to service many more segments of the buy-side community. Having introduced significant efficiencies and cost reductions to the market through TrueFX, we look forward to bringing those savings to the widest possible user base. The launch of the TrueFX Clearing Member network will accelerate that process,” says Harpal Sandhu, CEO of Integral and technology provider for TrueFX.