MultiBank Group has enhanced its dominance within the prime brokerage buying and selling business with the launch of MEX Trade, an institutional investor digital communication community (ECN). Introduced yesterday (Monday), the corporate claims the ECN is the primary based mostly within the BRICS and GCC nations.
A New Institutional ECN
The ECN is providing liquidity on spot FX, treasured metals, and commodities, in accordance with its web site. The brand new platform is headquartered in Dubai and has plans for enlargement with over 20 workplaces globally.
Within the official announcement, MultiBank additionally highlighted that it’s difficult the dominance of the USA and Europe within the world ECN market with its new Center-East-based platform.
“As we speak, we unveil a serious undertaking that may reshape the 2024 Monetary World Order,” mentioned Naser Taher, founding father of MultiBank Group. “Inside two to a few years, MEX Trade may have a profound world influence, delivering substantial monetary returns and income. As the one ECN inter-bank buying and selling platform based mostly within the GCC and BRICS nations, we’re on the forefront of change and innovation.”
The Spine of FX Markets
ECNs are extremely popular in spot FX markets. With no central change for forex pairs, brokers use ECNs, a computerised system, to robotically match purchase and promote orders. Additional, ECN brokers additionally provide greater execution pace and transparency in comparison with these following the STP mannequin.
MultiBank highlighted that its ECN change was developed beneath the direct supervision of Taher and the CEO of MEX Trade, David Ogg, who additionally based HotspotFX, which is recognised as the primary institutional ECN. After spending 40 years within the buying and selling business, Ogg joined MultiBank final yr in February.
In the meantime, firms are additionally recognising the appliance of ECNs in crypto buying and selling. Final yr, CrossOver Markets, an organization based by two former prime brokerage executives at Jefferies, launched CROSSx, an execution-only cryptocurrency platform, which dealt with greater than $3.15 billion in buying and selling quantity within the first three months of 2024.
This text was written by Arnab Shome at www.financemagnates.com.
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