Integral introduces flat fees on OCX

The venue will charge $2.75 per million per side on its open currency exchange platform

harpal-sandhu-integral
Harpal Sandhu: “Starting this week, OCX makers and takers pay a flat $2.75/million per side. This is game-changing”

Integral has introduced a flat fee of $2.75 per million per side on its open currency exchange (OCX) platform, following several enhancements and upgrades this year.

In what company chief executive Harpal Sandhu calls game-changing, the flat fee will apply equally to market-makers and market-takers operating on the OCX platform.

Head-to-head against the competition, the new OCX matching continues to take share at a rapid rate, says Sandhu.

The reduced fee comes on the back of an announcement from Integral last month that the OCX platform will operate as a multilateral trading facility (MTF), in line with the second Markets in Financial Instruments Directive (Mifid II), by January 2018, when the directive comes into force.

As such, all services offered under Integrals FX liquidity platform will conform with Mifid II requirements, including those covering pre- and post-trade transparency, surveillance, transaction cost analysis, trade and transaction reporting, and record-keeping.

As Mifid II increases the regulatory requirements on our customers and partners, we are rapidly expanding our services and offerings to take on much of the load, said Sandhu at the time of the announcement. The entire Integral platform including BankFX and OCX was already designed and delivered to meet the most demanding execution, transparency and reporting requirements.

Earlier in the summer, Integral lowered the round-trip latency on OCX to 80 microseconds for FIX API connections and less than 25 microseconds for binary API. These faster matching times apply to every type of liquidity found on OCX, including resting liquidity, last look liquidity from banks and non-banks, and streaming orders.

New algo suite

Integral has also introduced a new suite of algorithms to OCXs execution management system, which give market participants the ability to access different types of liquidity and customise how it is accessed and executed.

In effect, the parameters of the algos allow participants to create their own liquidity pool, based on the brokers, ECNs, buy-side resting orders and other liquidity providers they wish to draw upon as they require.

In total, Integrals OCX now connects market participants to in excess of 250 liquidity sources across more than 2,800 market-making streams via NY4, LD4 and TY3, all of which cover major banks, non-banks and central limit order books.

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