More and more platforms are entering the market and it’s a trend we cannot ignore – the market is becoming more and more fragmented. While this is a more institutional type of platform, certainly considering that Tullett Prebon and Integral are behind it, the same is happening in the retail platforms market as well. While the Metatrader platforms are here to stay for at least the next few years it seems that many of the new platforms will slowly take quite a lot of its market share and potentially most of the volume in the near future will pass through dozen of such platforms than just through Metatrader ones.
LONDON, NEW YORK, SINGAPORE and SUNNYVALE, Calif. (July 10, 2012) — Tullett Prebon, one of the world’s leading inter-dealer brokers, announces the beta launch of tpSPOTDEAL, a spot FX platform, with Integral Development Corp. (‘Integral’) (www.integral.com), a leading provider of FX trading solutions and services, as its chosen technology provider.
tpSPOTDEAL is designed to offer simple, straight forward, reliable execution and will offer anonymous trading with a prime broker as central counterparty for all trades. The platform will have 10 liquidity providers that will make a two-way price resulting in liquidity on the bid and offer regardless of the market conditions.
James Potter, Managing Director of Treasury at Tullett Prebon, said: “tpSPOTDEAL has been specifically designed to enhance our existing spot FX business model for our existing clients conducting wholesale transactions. Importantly, access to the platform will be free for the end user.”
Harpal Sandhu, CEO of Integral Development Corp., commented: “tpSPOTDEAL is going to be a significant platform in the wholesale FX market because it meets the needs of the customers, it is available now and it is offered by a market leading financial services firm, Tullett Prebon. We are delighted to enable their business, to their unique specifications, at no up-front cost.”
AFAIK, Tullet has still a lot of clients via phone and is traditionally strong in voice broking. It seems like they want to complement this with a proper eFX platform.