Singapore-based Straits Financial Services Pte Ltd has become a clearing member of TrueFX, an over-the-counter (OTC) market for the buy-side, to enhance its clients’ access to forex liquidity.

TrueFX is a spot trading facility built using the technology of Integral. TrueFX Clearing Member (TCM) network was launched in 2020 to allow buy-side firms of all sizes to directly access liquidity on TrueFX from leading market makers without an intermediary.

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TrueFX uses Jefferies FX Prime Brokerage as the central credit counterparty, and TCM members also have the option to clear traders through Jefferies.

Straits Financial, as a TCM member, will benefit from all liquidity services offered by the OTC platform. Additionally, Straits can access all market makers on the venue and can receive customized pricing as well.

Commenting on the development, Raymond Mok, Straits’ Global Head of FX said: “As a leading financial institution in Asia, we want to provide our institutional clients with fair, transparent and efficient access to the market. TrueFX aligns with these values, and we are pleased to join the network as a clearing member and demonstrate our commitment to this exciting initiative.”

Enhancing Liquidity

Established in 2011, Straits Financial’s offerings range from derivatives to OTC products. The platform has a presence in the United States, China, Dubai and Indonesia and is a full clearing member of the CME Group exchanges.

Several capital market players have joined the TCM network since the launch including Sucden Financial.

“The size and scale of our growing clearing network allow us to offer significant cost savings to even more clients, brought around by the venue’s integrated liquidity, clearing and technology,” said Harpal Sandhu, CEO of Integral and technology provider for TrueFX. 

“We are thrilled that Straits Financial has joined as a clearing member, and their participation will greatly enhance the offering available to clients.”