FAM Clearing, LLC to Deliver Prime of Prime Service and End-to-End Trading Technologies to FX Market Lacking Access to Bank Prime Services
Advanced Markets, a wholesale provider of liquidity, technology, and credit solutions to banks and brokers and Fortex, Inc., a leading FX ECN trading platform, today announced that they have formed a joint venture, FAM Clearing, LLC. The joint venture enables the two companies to provide Prime of Prime (PoP) services and end-to-end trading technologies to a large number of FX market participants that are looking to establish a complete solution for credit and liquidity relationships.
The PoP service combines innovative Fortex technology and its well-known ECN trading platform with Advanced Markets’ 100% STP bank execution and premier clearing service into a single bundled offering. The new service will help many brokerage firms improve their competitive advantage and raise performance standards across the FX industry.
“Our commitment to innovative, highly scalable technology enables us to team with partners like Advanced Markets and deliver mutually beneficial solutions to the market,” said Daniel Chen, chief executive officer and co-founder of Fortex. “Through the Fortex ECN platform, MT4 Bridge OMX, and XBook Aggregator, our clients gain direct access to the interbank market with razor-thin spreads. Together with Advanced Markets, we can offer a PoP service through an end-to-end, one-stop solution that restores many FX brokers’ ability to offer profitable trading opportunities to their clients.”
Through its institutional business, Advanced Markets liquidity ultimately serves more than 40,000 institutional and individual clients in more than 30 countries. The company’s investors include Macquarie Americas Corp Inc., a wholly owned subsidiary of Macquarie Bank, and GFI Group Inc. Advanced Markets recently extended its prime brokerage relationships by adding UBS, augmenting its liquidity credit lines.
“We are pleased to team with Fortex to provide clients with top-tier institutional liquidity,” said Anthony Brocco, Executive Chairman, Advanced Markets Ltd. “This joint venture supports our ongoing commitment to transparency while enabling us to serve more clients with ultra-low latency execution, superior execution quality, and algorithmic trading along with our optimized MT4 environment. With Fortex technology underlying the new PoP service, we have exceptional market agility that allows us to bring more opportunities to our clients.”
The FAM Clearing, LLC joint venture has its own sales team of 10, led by Natallia Hunik, Global Head of Sales. The joint venture will extend access to the PoP service offering through locations in Boston and London.
The Fortex ECN platform is designed for high-frequency, low-latency performance and optimized for buy-side and sell-side institutions. It offers direct access to Tier 1 liquidity from all major money center banks. The Fortex XCloud server grid offers dedicated dark fiber connections, eliminating the need to use the public Internet and delivering sub-1ms speed and 480-Gbps throughput. The powerful Fortex XBook matching engine represents each trader’s order in the interbank market to match with the best liquidity available, including hidden liquidity pools. Broker dealers and traders using MT4 can access the Fortex platform through Fortex MT4 Bridge middleware to gain unified global execution venues and aggregated segmented liquidity pools.